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An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sales $ 916,668 Cost of goods sold 536,668 Gross

An income statement for Sam's Bookstore for the first quarter of the year is presented below:

Sales $ 916,668 Cost of goods sold 536,668 Gross margin 386,668 Selling and administrative expenses Selling 5 113,888 Administrative 138,888 243,868 Net operating income $ 137,668

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