The budgeted income statements of both manufacturing and merchandising companies include the calculation of gross profit.

Name: The budgeted income statements of both manufacturing and merchandising companies include the calculation of gross profit.
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Question

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Both manufacturing and merchandising companies calculate gross profit in their budgeted income statements. Gross profit is the difference between total sales revenue and the cost of goods sold.

The Budgeted Income Statements of Both Manufacturing and Merchandising Companies