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Determining Gross Profit During the current year, merchandise is sold for $937,000. The cost of the goods sold is $702,750. a. What is the amount

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Determining Gross Profit During the current year, merchandise is sold for $937,000. The cost of the goods sold is $702,750. 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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