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what's the gross margin? Table 2 Income Statements 2018 2019 2020 2021 Sales $3,346,750 $3,380,550 $3,635,000 $4,240,000 Cost of goods sold $2,510,063 $2,384,000 $2,980,000 $3,680,000
what's the gross margin?
Table 2 Income Statements | 2018 | 2019 | 2020 | 2021 |
Sales | $3,346,750 | $3,380,550 | $3,635,000 | $4,240,000 |
Cost of goods sold | $2,510,063 | $2,384,000 | $2,980,000 | $3,680,000 |
Operating expenses: | ||||
Depreciation | $105,000 | $105,000 | $154,500 | $159,000 |
Selling & Administrative Expense | $484,288 | $404,300 | $297,550 | $303,320 |
Operating Income | $247,400 | $487,250 | $202,950 | $97,680 |
Interest Expense | $0 | $0 | $43,000 | $67,000 |
Pre-tax Profit | $247,400 | $487,250 | $159,950 | $30,680 |
Income Tax Expense (Benefit) | $98,960 | $194,900 | $63,980 | $12,272 |
Net Income | $148,440 | $292,350 | $95,970 | $18,408 |
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