Question: Given the following, prepare a detailed gross profit section for Kupersteins Jewelry Wholesalers for the year ended December 31, 20X8 ($ in thousands), computing the

Given the following, prepare a detailed gross profit section for Kupersteinâ€™s Jewelry Wholesalers for the year ended December 31, 20X8 ($ in thousands), computing the amount for GrossSales.

Cash discounts on purchases 6 Cash discounts on sales Sales returns and allowances Gross purchases Merchandise inventory 50 650 Freight in 103 Merchandise inventory, Purchase returns and allowances 27 50 185 December 31, 20X7 Gross profit December 31, 20X8 356

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