Using the following data taken from Hsu's Imports Inc., determine the gross profit to be reported on the income statement for the year ended March 31, 2011.
Definitions:
Present Value
The current assessment of a future sum of money or cash flows, when calculated with an agreed-upon rate of return.
Invest
Directing financial investments towards the achievement of profit or income returns.
Present Value
The current worth of a future sum of money or stream of cash flows given a specified rate of return, often used in the time value of money calculations.
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