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Brief Exercise 5-10 Assume Splish Brothers Inc. has the following reported amounts: Sales revenue $999,600, Sales returns and allowances $29,400, Cost of goods sold $646,800,
Brief Exercise 5-10 Assume Splish Brothers Inc. has the following reported amounts: Sales revenue $999,600, Sales returns and allowances $29,400, Cost of goods sold $646,800, and Operating expenses $215,600. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations s (d) Compute the gross profit rate. (Round answer to 1 decimal place, eg, 25.2%.) Gross profit rate
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