Question: Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions during October of the current year: Oct. 1 Purchases 100 Hummels

Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions during
October of the current year:
Oct. 1 Purchases 100 Hummels at $50 each.
Oct. 5 Sells 50 of the Hummels at $80 each.
Compute Alberto & Sons’s gross profit for October.

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