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Seaview Company took the following data from their income statement at the end of the...

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Accounting

Seaview Company took the following data from their income statement at the end of the current year.

Per-unit product cost: $30
Gross margin percentage: 40%
Selling and administrative expenses $30,000
Operating income $10,000

Refer to Figure 2-6. What was gross margin for the year?

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