Question: Fill in the missing values for the income statement below given the following information: Gross margin is 42% Direct labor costs are half the amount
| Fill in the missing values for the income statement below given the following information: Gross margin is 42% Direct labor costs are half the amount of Direct materials costs Times-interest-earned ratio is 25.0 Tax rate is 20%
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Mashayekhi and Meckstroth Merchandising, Inc. Income Statement as of the year ending September 30, 2017 (in thousands) Sales revenue Less: Cost of goods sold $ 65,990 Direct materials Direct labor Manufacturing overhead 20,240 Total cost of goods sold Gross profit Less: Operating expenses Selling expenses 3,220 General and administrative expenses Total operating expenses Earnings before interest and taxes Interest expense Income before income taxes Income tax expense NET INCOME (LOSS) 850
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