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TB MC Qu.06-81(Algo) What is the gross profit? Michael uses its periodic inventory system...

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Accounting

TB MC Qu.06-81(Algo) What is the gross profit?
Michael uses its periodic inventory system and the following information is avallable:
Sales
Beginning Inventory
Ending Inventory
Purchases
$55,900
10,400
8,800
47,300
What is the gross profit?
Multiple Choice
$7,000
$48,900
$47,300
$57,700
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