What is gross profit? How is the gross profit percentage computed? Illustrate its calculation and interpretation assuming

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What is gross profit? How is the gross profit percentage computed? Illustrate its calculation and interpretation assuming Net Sales is $ 100,000 and Cost of Goods Sold is $ 60,000.
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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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