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Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount

image text in transcribedimage text in transcribed Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income? If operating expenses are less than qross profit. Freight Terms a. b

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