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For part A,B,C utilize the following information: The following information is available for Gorgoth Company:
Sales revenue Sales returns
Sales allowances Cost of goods sold Operating expenses Interest expense Interest revenue
$678,000 40,000 20,000 408,000 112,000 18,000 22,000
A. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022.
B. Compute the gross profit margin.
C. Compute Net Income as a Percentage of Gross Sales.
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