What is the amount of the gross profit? compute the gross, Ask an Expert

Accounting

During the current year, merchandise is sold for $2,850,750. The cost of the merchandise sold is $1,995.525.

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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Accounting Basics, Accounting

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