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Prepare a normal-costing income statement for the first year of operation. Rafael Corp. Income Statement-Normal Costing Sales 442800 Cost of goods sold Beginning inventory Add

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Prepare a normal-costing income statement for the first year of operation. Rafael Corp. Income Statement-Normal Costing Sales 442800 Cost of goods sold Beginning inventory Add Costs of goods manufactured 216480 Cost of goods sold 216480 Add Volume variance 39360 255840 Gross margin Less Selling and administrative expenses Operating income before tax 98400 88560

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