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Impact Corporation reported $460,000 of revenue for the year. Selling expenses amounted to $47,000, and administrative expenses were $75,000. Cost of goods sold was
Impact Corporation reported $460,000 of revenue for the year. Selling expenses amounted to $47,000, and administrative expenses were $75,000. Cost of goods sold was 42% of revenue. Impact's gross margin is: a. $338,000. b. $266,800. O c. $193,200. Od. $385,000.
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Introduction to Governmental and Not for Profit Accounting
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
7th edition
9780132776073, 132776014, 978-0132776011
