If cost of goods sold is $520,000 and the gross profit rate is 20%, whatis the gross profit? Select one: a. $2,600,000. b. $130,000. c. $520,000. d. $416,000.

The objective of the question is to calculate the gross profit given the cost of goods sold and the…

Answered: If cost of goods sold is $520,000 and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If cost of goods sold is $520,000 and the gross profit rate is 20%, what is the gross profit? Select one: a. $2,600,000. b. $130,000. c. $ 520,000. d. $416,000.