Answered: A business reports sales revenue of…

A business reports sales revenue of $320,000 and the cost of goods sold is $175,000. What is the gross profit for the period? (A) $60,000 (B) $145,000 (C) $120,000 (D) $200,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

A business reports sales revenue of $320,000 and the cost of goods sold is $175,000. What is the gross profit for the period? (A) $60,000 (B) $145,000 (C) $120,000 (D) $200,000

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