I won't to this question answer do fast An item that cost $90 is sold for $120. The gross profit for thisitem is:a. negative $30b. $30c. There is insufficient information to calculate the grossprofit for this itemd. $120

Step 1: Define Cost of Goods SoldAs the name implies, the cost of goods sold is the value of the…

Answered: An item that cost $90 is sold for $120.…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1CE: LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about...

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An item that cost $90 is sold for $120. The gross profit for this item is: a. negative $30 b. $30 c. There is insufficient information to calculate the gross profit for this item d. $120