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Abbey Co. sold merchandise to Gomez Co. on account, $24,200, terms 2/15, net 30. The...

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Accounting

Abbey Co. sold merchandise to Gomez Co. on account, $24,200, terms 2/15, net 30. The cost of the goods sold is $16,940. Abbey Co. issued a credit memo for $2,500 for merchandise returned that originally cost $1,800. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?

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