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

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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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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