Exercise 3-25 (Part Level Submission)
The following is Sandhill Company’s income statement for the past year.
| Sales revenue | $710,000 | |
| Cost of goods sold | 426,000 | |
| Gross margin | 284,000 | |
| Operating expenses | 100,000 | |
| Operating income | $184,000 |
The following is Sandhill Company’s income statement for the past year.
| Sales revenue | $710,000 | |
| Cost of goods sold | 426,000 | |
| Gross margin | 284,000 | |
| Operating expenses | 100,000 | |
| Operating income | $184,000 |