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A firm has sales of $1,090,000 and cost of goods sold of $739,000. The firm expects sales to increase by 5% next year. What is

A firm has sales of $1,090,000 and cost of goods sold of $739,000. The firm expects sales to increase by 5% next year. What is the gross profit amount expected to be next year if the firm uses the percentage of sales approach when compiling pro forma statements?

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