The Following Information Is Available for the Cherryville Enterprises, Inc

Essay

The following information is available for the Cherryville Enterprises, Inc. for the fiscal year ended December 31.
$$\begin{array} { l r r } \text { Reverulus } & \$ 900,000 \\\text { Gross margin } & \$ 315,000 \\\text { Operating profit } & 8 5 , 0 0 0 \\\text { Income tax rate }&32\%\end{array}$$
Required:
(a) Compute the cost of goods sold.
(b) Compute the total marketing and administrative costs.
(c) Compute net income.