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Exercise 5-12 Nam Company Mayo Company

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Presented below is financial information for two different companies.

   Nam Company   Mayo 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
(a) Determine the missing amounts
(b) Determine the gross profit rates. (Round to two decimal place.

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