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The Jon Corporation had 900 sinks on hand at the beginning of November. Each sink had cost the company $350. The company purchased 1,100 sinks during November at a cost of $350 each. The company's inspection of its purchases revealed 10 defective sinks, which the company returned to its supplier for full credit of $350 each. The company sold 1,200 sinks during November and charged its customers $600 per sink. The company's November operating expenses were $180,000. The company's expected income taxes expense in November was $46,000.

Determine the company's net income for November.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92713137

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