The following information is for the Choplin Company for 2015: 
Required:
(1)What is the cost of materials purchased?
(2)What is the cost of goods sold?
(3)What is gross profit?
(4)What is net profit?
Definitions:
Dollar Value of Exports
The total monetary value of all goods and services a country exports to other countries over a specific time period.
Comparative Advantage
An economic theory stating that an entity is able to produce goods or services at a lower opportunity cost than others, leading to more efficient trading possibilities.
Producing Firewood
The process of cutting, splitting, drying, and preparing wood to be used as fuel for heating or cooking.
Producing Wool
The process of growing, harvesting, and processing wool fibers from sheep or other animals for use in textile production.
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