Question: On July 3 1 , 2 0 1 6 , the end of the first month of operations, Rhys Company prepared the following income statement,

On July 31,2016, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept:
Rhys Company
Income Statement - Absorption Costing
For the Month Ended July 31,2016
\table[[1,Sales units),,$4,440,000.00
On July 31,2016, the end of the first month of operations,

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