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The Intramural Sports Club reports sales revenue of $550,000. Inventory at both the beginning and end of the year totals $100,000. The inventory turnover ratio

The Intramural Sports Club reports sales revenue of $550,000. Inventory at both the beginning and end of the year totals $100,000. The inventory turnover ratio for the year is 4.0.

What amount of gross profit does the company report in its income statement?

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