Problem

Alberto&Sons, Inc., a retailer of antique figurines, engages in the following transact...

Alberto&Sons, Inc., a retailer of antique figurines, engages in the following transactions during October of the current year:

Oct. 1

Purchases 100 Hummels at $50 each.

Oct. 5

Sells 50 of the Hummels at $80 each.

Compute Alberto&Sons’s gross profit for October.

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