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Question(s) / Instruction(s):

A company had expenses other than cost of goods sold of $250,000. Determine sales and gross profit given cost of goods sold was $100,000 and net income was $150,000. a. Sales: $350,000; Gross Profit: $150,000. b. Sales: $350,000; Gross Profit: $50,000. c. Sales: $500,000; Gross Profit: $400,000. d. Sales: $500,000; Gross Profit: $50,000. e. Sales: $400,000; Gross Profit: $500,000.

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