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  3. during the current year, merchandise is sold for $

During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold...

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Accounting

During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400.

a. What is the amount of the gross profit?

b. Compute the gross profit percentage (gross profit divided by sales).

c. Will the income statement necessarily report a net income? Explain.

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