Business, 12.02.2020 18:21 kaffolter25

The following income statement was drawn from the records of Munoz Company, a merchandising firm: MUNOZ COMPANY Income Statement For the Year Ended December 31, Year 1 Sales revenue (4,500 units × $170) $ 765,000 Cost of goods sold (4,500 units × $82) (369,000 ) Gross margin 396,000 Sales commissions (5% of sales) (38,250 ) Administrative salaries expense (88,000 ) Advertising expense (34,000 ) Depreciation expense (43,000 ) Shipping and handling expenses (4,500 units × $1) (4,500 ) Net income $ 188,250

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The following income statement was drawn from the records of Munoz Company, a merchandising firm: MU...