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Assume the following information for NVO, a retailer, in 2022: Gross Margin $120,000 Sales $400,000 Operating Income $25,000 a. What is cost of goods sold?

Assume the following information for NVO, a retailer, in 2022:

Gross Margin	$120,000
Sales	$400,000
Operating Income	$25,000

a. What is cost of goods sold?

b. What are selling, general, and administrative expenses?

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