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Marine Corporation collected $120,000 during 2020. Of this amount, $2,000 was still unearned as of December 31, 2020. The company reported sales of $128,000. Marine
Marine Corporation collected $120,000 during 2020. Of this amount, $2,000 was still unearned as of December 31, 2020. The company reported sales of $128,000. Marine purchased inventory during 2020 of $48,000, and the inventory account balance was the same at the beginning and the end of the year. What was the company's gross profit for 2020?
A.$42,000
B.$80,000
C.$78,000
D.$40,000
E. None of the above
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