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A company had the following activity during a month: sales $100,000; cost of goods sold $40,000; selling expenses $15,000; general and administrative expenses $20,000; income
A company had the following activity during a month: sales $100,000; cost of goods sold $40,000; selling expenses $15,000; general and administrative expenses $20,000; income tax expense $12,000. Ending inventory balances were: raw materials $25,000; work-in-process $15,000; finished goods $40,000. Caiculate the gross profit and net income for the month. Multiple Choice Gross profit $25,000; Net income $25,000. Gross profit $60,000; Net income $13,000. Gross profit $40,000; Net income $20.000. Gross profit \$ 40,000: Net income $32,000. Gross proft $60,000; Net income $43.000
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