Given the information below, what is the gross profit? Sales revenue $420,000 Accounts receivable 67,000 Ending inventory 130,000 Cost of goods sold 295,000 Sales returns 25,000 a. $95,000 b. $100,000 c. $125,000 d. $150,000

Given the information below, what is the gross profit? Sales revenue $420,000 Accounts receivable 67,000 Ending inventory 130,000 Cost of goods sold 295,000 Sales returns 25,000 a. $95,000 b. $100,000 c. $125,000 d. $150,000

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

100%

Accounts receivable: 67000, cost of goods sold: 295000

Given the information below, what is the gross
profit?
Sales revenue
$420,000
Accounts receivable 67,000
Ending inventory
130,000
Cost of goods sold
295,000
Sales returns
25,000
a. $95,000
b. $100,000
c. $125,000
d. $150,000

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am.303.
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