Question: Cosmic Software Solutions Inc. provides software development services. The company uses a time and materials pricing model. During the month, 800 hours were worked at

Cosmic Software Solutions Inc. provides software development services. The company uses a time and materials pricing model. During the month, 800 hours were worked at an average billing rate of $100 per hour. Direct costs for the month were $50,000. Calculate the revenue and gross profit for the month.

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