It costs Homer's Manufacturing $0.65 to produce baseballs and Homer sells them for $4.00 a piece. Homer pays a...
It costs Homer's Manufacturing $0.65 to produce baseballs and Homer sells them for $4.00 a piece. Homer pays a sales commission of 5% of sales revenue to his sales staff. Homer also pays $16,000 a month rent for his factory and store, and also pays $81,000 a month to his staff in addition to the commissions. Homer sold 69,500 baseballs in June. If Homer prepares a traditional income statement for the month of June, what would be his gross profit?
A.
$278,000
B.
$45,175
C.
$323,175
D.
$232,825
Homework Answers
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Gross profit = Sales - Cost of Goods Sold = (4*69500) - (0.65*69500) = 278,000 - 45,175 = 232,825 |
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