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The following information is available for the Cherryville Enterprises, Inc. for the fiscal year ended December 31. Revenues $ 900,000 Gross margin $ 315,000 Operating
The following information is available for the Cherryville Enterprises, Inc. for the fiscal year ended December 31. Revenues $ 900,000 Gross margin $ 315,000 Operating profit 85,000 Income tax rate 32 % Required: (a) Compute the cost of goods sold. (b) Compute the total marketing and administrative costs. (c) Compute net income.
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