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Discuss gross profit from sales and the net income

Discussion:

XYZ Company has gross sales of $280,000.00, starting inventory of $15,500.00, sales returns of $6,000.00 and allowances of $300.00. They purchase $70,000.00 of goods and they end the period with $11,080 in inventory. Their total operating expenses are $50,000.00. What is XYZ gross profit from sales and their net income for the period?

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