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Freedom Corporation reports the following amounts: Assets = $12,000; Liabilities = $2,000; Stockholders' equity = $10,000; Dividends = $2,000; Revenues = $15,000; and Expenses = $11,000.
Required:
What amount is reported for net income?
Allocate the total costs between the completed chips and the chips in ending inventory.
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The Butterfly Corporation had the following information that pertained to its March budget.
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