(Answered) Question - a professional services firm has income of

Accounting

Question - A professional services firm has income of 1,750,000. It incurs salaries of 1.6 million of which 60% is allocated as a cost of sales and the balance as selling and administration. The only other cost charged to cost of sales is travelling of 50,000. Other administration costs are 80,000. Calculate the gross profit and net profit.

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