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The following information is available for Sheldon Leonard Company: Operating expenses $85,000 Cost of goods sold 200,000 Sales revenue 325,000 Sales returns and allowances

The following information is available for Sheldon Leonard Company: Operating expenses $85,000 Cost of goods sold 200,000 Sales revenue 325,000 Sales returns and allowances 16,000 Sales discounts 3,000 Compute each of the following (a) Net sales $ (b) Gross profit $

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