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Assume the following are for Acct 201 Co. for 2019: Sales $980,000; Merchandise inventory January 1, 2019 $55,000; Merchandise inventory December 31, 2019 $60,000; Purchases

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Assume the following are for Acct 201 Co. for 2019: Sales $980,000; Merchandise inventory January 1, 2019 $55,000; Merchandise inventory December 31, 2019 $60,000; Purchases $650,000; Operating expenses $100,000. The gross profit for Acct 201 Co. for 2019 is: $225,000 $335,000 $235,000 $275,000 None of the above

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