Use the information below to answer the question that follows
Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000
The gross profit or loss is?
Opening stock------------- 10,000 Sales --------- 120,000
Purchase------------------- 100,000
110,000
Less: Closing stock-----------20,000
Cost of goods sold------- 90,000 90,000
Gross profit 30,000
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