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August 2, 2015

Homework Help: Accounting

Posted by GiGi on Sunday, August 10, 2008 at 3:32am.

Given the following data, the gross profit for the fiscal year would be__.
Freight-In on merchandise purchased $1,500; Merchandise Inventory, January 1 $30,000; Merchandise Inventory, December 31 $50,000; Purchases $100,000; Purchases discounts taken $2,800; Purchases returns and allowances $2,000; Sales $116,500; Sales returns and allowances $1,100.

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