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The following figures are for the year 2021: Inventory 1/1/ 2021 $3000 Inventory 31/12/2021 $5000 Purchases $52,000 A uniform rate of markup of 20% is

The following figures are for the year 2021: Inventory 1/1/ 2021 $3000 Inventory 31/12/2021 $5000 Purchases $52,000 A uniform rate of markup of 20% is applied. Required: Calculate the gross profit and the sales figures using the income statement approach.

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