Given the information below, what is the gross profit? $305,000 Accounts receivable 53,000 Sales revenue Ending inventory 119,000 Cost of goods sold 238,000 Sales returns a. $49,000 b. $165,000 c. $67,000 d. $46,000 21,000

Given the information below, what is the gross profit? $305,000 Accounts receivable 53,000 Sales revenue Ending inventory 119,000 Cost of goods sold 238,000 Sales returns a. $49,000 b. $165,000 c. $67,000 d. $46,000 21,000

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

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Given the information below, what is the gross profit?
$305,000
Accounts receivable 53,000
Sales revenue
Ending inventory
119,000
Cost of goods sold 238,000
Sales returns
a. $49,000
b. $165,000
c. $67,000
d. $46,000
21,000

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