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Calculate the gross profit from the sale

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Question - Barbara Bailey's Textiles, Inc., uses a perpetual inventory system. In February, Barbara Bailey's sold $540,000 of merchandise on account with terms 3/10, n/30. The cost of the merchandise sold was $200,000. Using this information, calculate the gross profit from the sale and the gross profit ratio. Assume that the customer does not pay within the discount period.

Reference no: EM131572561

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