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use the following ratio data to coplete old mill's income statement. 1. Inventory turnover was 3.70 (beginning merchandise inventory was $810; ending merchandise inventory was
use the following ratio data to coplete old mill's income statement.
1. Inventory turnover was 3.70 (beginning merchandise inventory was $810; ending merchandise inventory was $770).
2. profit margin ratio is 14%
Old Mills Income Statement Year Ended December 31, 2018
Net sales revenue $6,900, cost of goods sold_________, selling and administrative expensed 1,710, interest expense____________, other expenses 120, income before income taxes 1,150, income tax expense_____________, net income_____________.
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