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eBook Determining Gross Profit Show Me How During the current year, merchandise is sold for $882,000. The cost of the goods sold is $555,660.

eBook Determining Gross Profit Show Me How During the current year, merchandise is sold for $882,000. The cost of the goods sold is $555,660. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?

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