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Assume Skysong, Inc. has the following reported amounts: Sales revenue $831,000, Sales returns and allowances $24,000, Cost of goods sold $545,532, and Operating expenses
Assume Skysong, Inc. has the following reported amounts: Sales revenue $831,000, Sales returns and allowances $24,000, Cost of goods sold $545,532, and Operating expenses $179,300. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit $ (c) Compute income from operations. Income from operations $ (d) Compute the gross profit rate. (Round answer to 1 decimal place, eg. 25.2%) Gross profit rate
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