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Income Statement Items: Item Amount Sales Revenue $120,000 Cost of Goods Sold $50,000 Gross Profit $70,000 Operating Expenses $30,000 Net Income $40,000 Calculate the gross

Income Statement Items:

ItemAmount
Sales Revenue$120,000
Cost of Goods Sold$50,000
Gross Profit$70,000
Operating Expenses$30,000
Net Income$40,000
Calculate the gross profit margin, operating profit margin, and net profit margin. Discuss their significance.                  

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