The owner of a business does not keep a full set of accounting records for his business.
The following information is available about assets and liabilities.
All purchases and sales are on credit.
During the current year:
1 The business received $\$ 168000$ from customers after allowing them a discount of $\$ 3400$.
2 The business paid $74000 to suppliers for inventory. No discounts were received.
3 The owner took inventory of $3200 for personal use.
What was the gross profit for the current year?
1 )
$110000
2 )
$110200
3 )
$111700
$113400
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