During the current year, merchandise is sold for $55,900 cash and for $89,700 on account. The...

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During the current year, merchandise is sold for $55,900 cash and for $89,700 on account. The cost of the goods sold is $94,640. What is the amount of the gross profit? During the current year, merchandise is sold for $55,900 cash and for $89,700 on account. The cost of the goods sold is $94,640. What is the amount of the gross profit?

Answer rating: 100% (QA)

To calculate the gross profit we need to subtract the cost of goo... View the full answer