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Ivanhoe Company has sales of $1,531,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses.

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Ivanhoe Company has sales of $1,531,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Variable Fixed Product costs $504,000 $554,000 Selling expenses 104,000 79,000 Administrative expenses 84,000 71,000 Calculate the company's net income under CVP for 2022 Net Income $

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