ABC Inc. sells one product. ABC Inc. uses the perpetual inventory system and the average cost method. The following represents all events for the year: Opening Inventory 100 units at $ 10 cost per unit Purchase June 1 100 units at $ 8 cost per unit Purchase Aug 1 100 units at $ 6 cost per unit Sale Sept 1 70 units at $ 40 selling price per unit What is the gross profit for the year? Your Answer: Answer units The following amounts appeared in the accounting records of XYZ Inc. for the year: Operating expenses $40000 Sales revenue $800000 Interest expense $25000 Dividends paid $10000 Income tax expense $85000 Deferred revenue $60000 What was XYZ Inc.'s net income for the year? Your