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During the year ended 30 June 2016,Rico Ltd had net sales of $750 000 and net purchases of $440 000.Cost of goods sold was $475 000.What was Rico Ltd's gross profit for the year ended 30 June 2016?
Random Variation
The unpredictability in the behavior or outcome of a process, due to the influence of random factors or noise.
Cyclical Variation
Fluctuations in statistical or economic data that occur periodically over cycles, such as those caused by the business cycle.
Economic Recession
A period of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in two successive quarters.
Inflation
The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
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