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The following information appears on the income statement of the Richer Company at the end of the year. Beginning finished goods inventory $200,000 Ending finished

The following information appears on the income statement of the Richer Company at the end of the year.

Beginning finished goods inventory $200,000

Ending finished goods inventory $180,000

Sales $360,000

Cost of Goods Manufactured $120,000

What is the gross profit on sales?

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