Precious, Inc. is a merchandiser of a single line of golden rings. At the beginning...
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Accounting
Precious, Inc. is a merchandiser of a single line of golden rings. At the beginning of the day, the shop had 10 rings in its inventory. During the day, 3 new rings were delivered to the shop. By close of business, only 7 rings remained in inventory.
The purchase price of each ring from the supplier is $254. In addition, the company pays $5 for shipping and delivery insurance on each ring that they purchase.
What is the companys Gross Profit for the day if it sells each ring for $637?
(assume the unit product cost is consistent between periods)
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