Montmorency Lt e reported the following condensed

income statement data in #8550

Montmorency Lt e reported the following condensed income statement data in

Montmorency Ltée reported the following condensed income statement data (in thousands) for
the year ended August 31, 2018:

Administrative expenses........................................$ 670

Sales discounts..........................................................110

Cost of goods sold.................................................4,030

Income tax expense...................................................560

Sales revenue..........................................................7,200

Interest expense.........................................................270

Selling expenses.........................................................260

Instructions

(a) Prepare a multiple-step income statement.

(b) Are the expenses classified by nature or function in the list of accounts above?

(c) Calculate the gross profit margin and profit margin.

Montmorency Lt e reported the following condensed income statement data in

ANSWER
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