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Question - The ABC Corporation began operations on October 1. During October, the purchased 1,500 pairs of gloves at a cost of $30 per pair. By the end of October, the company had sold all the gloves for $42 per pairs. The company's operating expenses for October were 8,000 and its effective income tax rate was 40%.
Required -
1. How much is the sales of ABC Corporation in October?
2. How much is the cost of goods sold of Chang Corporation in October?
3. How much is the gross profit of the company for October?
4. Determine the company's income before taxes.
5. Determine the company's income after tax.
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