A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

Question

Question

A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

A company reported the following:

Cost of Goods Sold $ 290,000

Selling, and Administrative Expenses 9,000

Income Tax Expense 7,350

Inventory 13,500

Net Income 110,650

Sales Revenue 425,000

Sales Discounts 4,500

Sales Returns & Allowances 3,500

What is the amount of gross profit?

A) $127,000

B) $119,650

C) $135,000

D) $118,000

business accounting

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Answer 1

Answer #1

Gross profit

= Net sales - Cost of Goods Sold

= (425,000-4,500-3,500) - 290,000

= 417,000 - 290,000

= 127,000

Option A is the answer

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Answer 2

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A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

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