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PQR Enterprises incurred the following costs during the fourth quarter: Direct materials $120,000, direct labor $110,000, manufacturing overhead $100,000, and selling and administrative expenses $90,000.

PQR Enterprises incurred the following costs during the fourth quarter: Direct materials $120,000, direct labor $110,000, manufacturing overhead $100,000, and selling and administrative expenses $90,000. The company produced 70,000 units during the same period and sold 65,000 units. Calculate the cost of goods sold, gross profit, and net income for the fourth quarter.

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