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What is the amount of the gross profit

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Reference no: EM131033731

During the current year, merchandise is sold for $1,375,000. The cost of the merchandise sold is $880,000.

  • What is the amount of the gross profit?
  • Compute the gross profit percentage (gross profit divided by sales).
  • Will the income statement necessarily report a net income? Explain.

Reference no: EM131033731

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