Problem:
Bluff, Inc. incurred depreciation expenses of $48,500 last year. The sales were $358,900 and the addition to retained earnings was $39,400. The firm paid interest of $14,300 and dividends of $10,000. The tax rate was 35 percent.
Required:
Question: What was the amount of the costs incurred by the firm for last year?
Note: Please explain comprehensively and give step by step solution.