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The income statement of Monty Company is shown below. MONTY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales Cost of goods

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The income statement of Monty Company is shown below. MONTY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales Cost of goods sold Gross profit $765,000 542,000 223,000 Operating expenses Selling expenses 54,000 Administrative expenses 86,000 140,000 Net income $83,000 Additional information:

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