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Smith Company sold inventory that cout $5,000 for $9,000 cash. Freight cost was $600 paid in cash. The freight terms were FOB destination. Based on

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Smith Company sold inventory that cout $5,000 for $9,000 cash. Freight cost was $600 paid in cash. The freight terms were FOB destination. Based on this Information Multiple Choice gross margin would be $3.400 net income would be $3.400 net income would be $4.000 so None of the answers are correct

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