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E4-6 Income statement for merchandiser: For the fiscal year, sales were $12,140,000, sales discounts were $250,000, sales returns and allowances were $80,000, and cost of
E4-6 Income statement for merchandiser:
For the fiscal year, sales were $12,140,000, sales discounts were $250,000, sales returns and allowances were $80,000, and cost of merchandise sold was $7,000,000.
Instructions:
a. What was the amount of net sales?
b. What was the amount of gross profit?
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