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Smith company sold inventory that cost $5,000 for $9,000 cash. Freight cost was $600 paid in cash. The freight terms were FOB shipping point. Based

Smith company sold inventory that cost $5,000 for $9,000 cash. Freight cost was $600 paid in cash. The freight terms were FOB shipping point. Based on this information,

a. net income would be $3,400.

b. gross margin would be $4,000.

c. gross margin would be $3,400.

d. None of the answers are correct.

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