Question
[The following information applies to the questions displayed below.] The following summarized data were provided by the records of Mystery Incorporated for the year ended
[The following information applies to the questions displayed below.] The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31: Office Expense $ 19,200 Cost of Goods Sold 167,000 Income Tax Expense 18,350 Sales Returns and Allowances 7,170 Salaries and Wages Expense 41,000 Sales of Merchandise on Cash 244,000 Sales of Merchandise for Credit 42,800 10.value: 1.50 pointsRequired information Required: 1. Prepare a multistep income statement. 2- a. What was the amount of gross profit? 2-b. What was the gross profit percentage? (Round your answer to 1 decimal place.)
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