During the current year, merchandise is sold for $3,200,000. The cost of the goods sold is $2,688,000.
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During the current year, merchandise is sold for $3,200,000. The cost of the goods sold is $2,688,000.
a. What is the amount of the gross profit?
b. Compute the gross profit percent.
c. Will the income statement necessarily report a net income? Explain.
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a 512000 3200000 2688000 b 16 512000 3200000 c No I...View the full answer
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