Unit 2 The Blake Manufacturing Corporation manufactures and sells folding umbrellas. The corporation’s condensed income statement for the year at 31 December 2011 follows: Sales (200,000 units) £1,000,000 Cost of goods sold 600,000 Gross margin 400,000 Selling expenses £150,000 Administrative expenses 100,000 Net profit (before income taxes) £150,000 Blake’s budget […]