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1. Given the following data, the gross profit for the fiscal year would be________. Freight-In on merchandise purchased $1500; Merchandise Inventory, January 1 $30,000, Merchandise Inventory, December 31 $50,000; Purchases $100,000; Purchases discount taken $2,800; Purchases returns and allowances $2,000; Sales $116,500; Sales returns and allowances $1,100.
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