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  3. the following is a portion of the condensed income

The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer...

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Accounting

The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales $ 2,560,000 Less: Cost of goods sold: Inventory, January 1 $ 640,000 Net purchases 2,000,000 Inventory, December 31 (695,000 ) 1,945,000 Gross profit $ 615,000

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