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Obj. 1 E4-1 Determining gross profit During the current year, merchandise is sold for $6,400,000. The cost of the goods sold is $5.376,000. a. What

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Obj. 1 E4-1 Determining gross profit During the current year, merchandise is sold for $6,400,000. The cost of the goods sold is $5.376,000. a. What is the amount of the gross profit? b. Compute the gross profit percent. c. Will the income statement necessarily report a net income? Explain

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