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There is no opening stock, which means that the Selling Price of the goods Purchased will be $500,000+$50,000. Their cost is $450,000. This means Cost/Selling Price=450000/550000. The COST of Closing stock will hence be $50,000 x (450/550) = $40,909.
Therefore Gross Profit = $500,000 - ($450,000-$40,909) = $90,909 -
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