QUESTION: 8 FOR THE FISCAL YEAR, SALES WERE $5,280,000, SALES DISCOUNTS WERE $100,000, SALES RETURNS AND ALLOWANCES WERE $75,000, AND THE COST OF MERCHANDISE SOLD WAS $3,000,000. A. WHAT WAS THE NUMBER OF NET SALES? B. WHAT WAS THE AMOUNT OF GROSS PROFIT?

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