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During the year ended 30 June 2008, Rico Ltd had net sales of $750 000 and net purchases of $440 000. Cost of goods sold was $475 000. What was Rico Ltd's gross profit for the year ended 30 June 2008?

A. $475 000
B. $275 000
C. $240 000
D. $310 000.

Accounting Basics, Accounting

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