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Determining gross profit During the current year, merchandise is sold for $908,000. The cost of the goods sold is $562,960. a. What is the amount

Determining gross profit During the current year, merchandise is sold for $908,000. The cost of the goods sold is $562,960. 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 an operating income? Yes No

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