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The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars) :
The applicable tax rate is 40%.There are no other temporary or permanent differences.
-Franklin's net income ($ in millions) is:
Gross Profit
The financial metric indicating the difference between revenue and the cost of goods sold (COGS), reflecting the efficiency of core operations.
Consignor and Consignee
The consignor is the entity that owns goods being shipped, while the consignee is the entity receiving the goods for sale or safekeeping.
Unsold Goods
Unsold Goods are items that have been produced or acquired for sale by a business but have not yet been sold to consumers.
Inventory
The total value of all the raw materials, work-in-progress, and finished goods that a company holds at any given time.
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