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E5-12 Presented below is financial information for two different companies.

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E5-12 Presented below is financial information for two different companies.
Nam Mayo
Company Company
Sales $90,000 (d)
Sales returns (a) $ 5,000
Net sales 84,000 100,000
Cost of goods sold 56,000 (e)
Gross profit (b) 41,500
Operating expenses 15,000 (f)
Net income (c) 15,000
Instructions
(a) Determine the missing amounts on page 229.
(b) Determine the gross profit rates. (Round to one decimal place.)

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