Question: ABC Inc. uses the perpetual inventory system and has compiled the following data for the year Gross sales 364000 Sales returns and allowances 66000Opening inventory

ABC Inc. uses the perpetual inventory system and has compiled the following data for the year

Gross sales 364000

Sales returns and allowances 66000Opening inventory 62000

Ending inventory 27000

Purchases 53500

Purchase returns 7 600

Calculate the gross margin/profit on sales.

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