FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Consider the following condensed Income Statement:
2004
Sales
COGS
$8,000,000
6,500,000
Gross Profit 1,500,000
Sales growth in 2005 is expected to be 15%. If COGS
is assumed to vary directly with sales, then Gross Profit
for 2005 will be
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