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Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Question
Calculate this company's gross profit ?

Transcribed Image Text:A company reported the following information for the month of July:
Invoice Cost of merchandise
Sales
$250,475
592,000
purchase
Sales discounts
1,235
Cost of shipping
5,200
Sales returns and
Purchase
Returns
&
2,840
11,000
allowances
allowances
Cost of goods sold
33,975
Purchase discounts received 6,200
Salaries Expenses
30,000
Rent Expense
12,000
Calculate this company's gross profit.
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