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A company's income statement for the month of July 20X34 is as follows: Item Amount Sales $1,400,000 Cost of Goods Sold $560,000 Gross Profit ?

A company's income statement for the month of July 20X34 is as follows:

ItemAmount
Sales$1,400,000
Cost of Goods Sold$560,000
Gross Profit?
Operating Expenses$380,000
Depreciation Expense$60,000
Income Tax Expense$240,000
Net Income?

Calculate the missing amounts:

  1. Gross Profit
  2. Net Income

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