New Hope, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information:Sales Revenue $535,000Purchases (excluding Freight In) 347,000Selling and Administrative Expenses 32,500Freight In 15,200Beginning Merchandise Inventory 43,000Ending Merchandise Inventory 56,500How much is the gross profit for the year?
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