The accounting record for Hardware Company reported the following selected information: Cost of Goods Sold $536,000...

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The accounting record for Hardware Company reported the following selected information: Cost of Goods Sold $536,000...

The accounting record for Hardware Company reported the following selected information:

Cost of Goods Sold	$536,000
Income Tax Expense	48,000
Operating Expenses	360,000
Sales Revenue	1,400,000
Other Income/Expense	104,000

Determine Hardware Company’s gross profit.

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Answer 1

Answer #1

ans :
	Particulars	Amount
	Sales Revenue	1,400,000
	Sales returns and Allowances	-104,000
	Sales discount	-48,000
	Net Sales revenue	1,248,000
	Cost of goods sold	-536,000
	Gross profit	712,000

	Hardware company Gross profit is 712,000

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Answer 2

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