National Storage Company had sales of $1,000,000, sales discounts of $2,500, sales returns and allowances of $15,000, and cost of goods sold of $525,000. Calculate National's gross profit.
What will be an ideal response?
Gross Profit = Sales ? Sales Discounts ? Sales Returns and Allowances ? Cost of Goods Sold
$1,000,000 ? $2,500 ? $15,000 ? $525,000= $457,500
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If a buyer repudiates a contract, the seller can bring an action to recover damages.?
Indicate whether the statement is true or false