Selected data (in thousands) from the income statement of JTI Inc. are shown below. Using vertical analysis,
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Net sales .................................................... $1,934
Cost of goods sold .......................................... 1,612
Gross profit .................................................... 322
Operating expenses ........................................... 218
Profit before income tax ..................................... 104
Income tax expense ............................................ 31
Profit ........................................................... $73
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Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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