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PQR Enterprises incurred the following costs during the fourth quarter: Direct materials $300,000, direct labor $290,000, manufacturing overhead $280,000, and selling and administrative expenses $270,000.

PQR Enterprises incurred the following costs during the fourth quarter: Direct materials $300,000, direct labor $290,000, manufacturing overhead $280,000, and selling and administrative expenses $270,000. The company produced 220,000 units during the same period and sold 215,000 units. Calculate the cost of goods sold, gross profit, and net income for the fourth quarter.

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