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Question
Using the following information, what is the amount of gross profit?
Purchases $32,000
Selling expenses $ 960
Merchandise inventory, September 1 5,700
Merchandise inventory,
September 30 6,370
Administrative expenses 910
Sales 63,000
Rent revenue 1,200
Interest expense 1,040
a. $25,300
b. $31,670
c. $30,600
d. $62,840
Answer
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