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IV. Use the following information and set up a merchandise income statement. For dollar amounts, round to the nearest whole dollar, for percentages, round to

IV. Use the following information and set up a merchandise income statement. For dollar amounts, round to the nearest whole dollar, for percentages, round to 2 decimal places. Set up income statement below. Gross Sales $130,500 = Customer returns = $11,000 Gross margin 42% = = Profit $4,780

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