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I need the gross profit and the percentage from the following income statement and transactions. ! Required information [The following information applies to the questions
I need the gross profit and the percentage from the following income statement and transactions.
! Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 161,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit 16,590 232,000 40,400 18,600 Office Expense Sales Returns and Allowances 6,810 Salaries and Wages Expense 38,600 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) 2-a. Gross Profit 2-b. Gross Profit Percentage % Answer is complete and correct. $ 265,590 161,000 104,590 57,200 47,390 16,590 $ 30,800 MYSTERY INCORPORATED Income Statement For the Year Ended December 31 $ 38,600 18,600 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries and Wages Expense Office Expense Total Operating Expenses Income from Operations Income Tax Expense Net IncomeStep by Step Solution
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