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Determining gross profit During the current year, merchandise is sold for $23,680,000. The cost of the goods sold is $13,024,000. a. What is the

Determining gross profit During the current year, merchandise is sold for $23,680,000. The cost of the goods sold is $13,024,000. 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?

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