ABC Company had the following transactions during the month of March:

1. Beginning inventory was 100 units at a cost of $10 per unit
2. Purchased 500 units at a cost of $12 per unit
3. Sold 400 units at a price of $20 per unit
4. Ending inventory had a cost of $13 per unit

Calculate the following:

1. Cost of goods sold
2. Gross profit
3. Gross profit margin
4. Net income

Answer rating: 100% (QA)

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