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Case Study: DEF Manufacturing Ltd. DEF Manufacturing Ltd. incurred the following costs during the year 2023: Direct materials: $200,000 Direct labor: $150,000 Factory overheads: $100,000

Case Study: DEF Manufacturing Ltd.

DEF Manufacturing Ltd. incurred the following costs during the year 2023:

Direct materials: $200,000
Direct labor: $150,000
Factory overheads: $100,000

Additionally, the company paid $20,000 in taxes. Calculate the net income for the year and prepare an income statement.

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