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Income Statement Items: Item Amount Sales Revenue $500,000 Cost of Goods Sold $150,000 Gross Profit $350,000 Operating Expenses $120,000 Net Income $230,000 Calculate the gross

Income Statement Items:

ItemAmount
Sales Revenue$500,000
Cost of Goods Sold$150,000
Gross Profit$350,000
Operating Expenses$120,000
Net Income$230,000
Calculate the gross profit margin, operating profit margin, and net profit margin. Discuss their significance.                  

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