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Sawyer Furniture Company concluded its first year of operations in which it made sales of $900,000, all of which were on an installment basis. Collections
Sawyer Furniture Company concluded its first year of operations in which it made sales of $900,000, all of which were on an installment basis. Collections during the year from downpayments and installments totaled $300,000. Purchases for the year totaled $620,000; the cost of inventory on-hand at year-end was $80,000. Compute the amount of realized gross profit to be recorded for the year.
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