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During the current year merchandise is sold for 775000 the

During the current year, merchandise is sold for $775,000. The cost of the merchandise sold is $426,250.

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

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Financial Accounting: During the current year merchandise is sold for 775000 the

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Financial Accounting: During the current year merchandise is sold for 775000 the

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