XYZ Ltd. is a manufacturing company that produces widgets. The company produced 10,000 widgets during the year, which it sold for $25 each. The company's cost structure for the year is as follows:

Direct materials: $50,000
Direct labor: $60,000
Manufacturing overhead: $80,000
Selling and administrative expenses: $30,000

Calculate the company's gross profit, operating income, and net income for the year.

Answer rating: 100% (QA)

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