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un ltem Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000. a. What is

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un ltem Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000. a. What is the amount of the gross profit? S b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income?

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