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XYZ Corporation incurred the following costs during the third quarter: Direct materials $50,000, direct labor $40,000, manufacturing overhead $30,000, and selling and administrative expenses $20,000.

XYZ Corporation incurred the following costs during the third quarter: Direct materials $50,000, direct labor $40,000, manufacturing overhead $30,000, and selling and administrative expenses $20,000. The company produced 25,000 units during the same period and sold 20,000 units. Calculate the cost of goods sold, gross profit, and net income for the third quarter.

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