Question: Please write out correct answer and whether its A, B, C or D. Thank you. Instant Image Inc., has the following absorption costing Income Statement:

Please write out correct answer and whether its A, B, C or D. Thank you.

Instant Image Inc., has the following absorption costing Income Statement: Sales revenue $70,000 Cost of goods sold 50,000 Gross profit $20,000 Operating expenses 9,000 Net income $11,000 The markup percentage on product cost is (approximately) O 29% O 40% O 22% O 72%

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