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The value of products sold to customers in a given period, determined by subtracting the value of the ending inventory from the sum of the beginning inventory and purchases made during the period. Gross sales less cost of goods sold gives gross profit.

Cover of Frederick, O'Connor, Kuratko (2019), Entrepreneurship Theory Process Practice (Melbourne: Cengage)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)

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