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Portmann Company, operating at full capacity, sold 1,000,000 units at a price of $190 per unit during the current year. Its income statement is
Portmann Company, operating at full capacity, sold 1,000,000 units at a price of $190 per unit during the current year. Its income statement is as follows: Sales Cost of goods sold Gross profit $190,000,000 (98,000,000) $92,000,000 Expenses: Selling expenses $15,000,000 Administrative expenses 20,300,000 Total expenses Operating income (35,300,000) $56,700,000
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