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Determining Gross Profit During the current year, merchandise is sold for $823,000. The cost of the goods sold is $460,880. a. What is the amount

Determining Gross Profit

During the current year, merchandise is sold for $823,000. The cost of the goods sold is $460,880.

a. What is the amount of the gross profit? $

b. Compute the gross profit percentage (gross profit divided by sales). %

c. Will the income statement always report a operating income?

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