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3. Prepare an income statement for the quarter ended September 30th. Use the absorption
format shown in Schedule 9.

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Income Statement
July
August
September
Quarter
Sales
200,000.00
S
220,000.00
210,000.00
630,000.00
Less: Cost of Goods Sold (65% of sales)
130,000.00
S
143,000.00
136,500.00
409,500.00
Gross...

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