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Assume that Volleyball Pro Equipment had $800,000 of sales during each of three consecutive years, and it purchased merchandise costing $600,000 during each of the
Assume that Volleyball Pro Equipment had $800,000 of sales during each of three consecutive years, and it purchased merchandise costing $600,000 during each of the years. It also maintained a $250,000 inventory from the beginning to the end of the three-year period. However, it made an error at the end of the first year, 2023, that caused its ending 2023 inventory to appear on its statements at $230,000 rather than the correct $250,000. Required: 1. Calculate the actual amount of the companys gross profit in each of the years
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