Annie's Homemade is preparing a budgeted income statement for July. It expects to sell 9,000 servings of ice cream for $5.00 each. The estimated cost of goods sold is 25% of sales. It budgets selling and administrative expense as a mixed cost. The variable portion is 6% of sales and the fixed portion is $15,000 per month. Required: 1. What is the budgeted gross margin for July? 2. What is the budgeted net operating income for July 
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