Lucy Company, Inc. had $812,000 in sales, sales discounts of $12,180, sales returns and cost of goods sold allowances of $18,270, of $385,700, and $279,330 in expenses. Gross profit equals? operating a. $116,520. b. $781,550. c. $414,120. d. $395,850.

Lucy Company, Inc. had $812,000 in sales, sales discounts of $12,180, sales returns and cost of goods sold allowances of $18,270, of $385,700, and $279,330 in expenses. Gross profit equals? operating a. $116,520. b. $781,550. c. $414,120. d. $395,850.

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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Accurate Answer

Lucy Company, Inc. had $812,000 in sales, sales
discounts of $12,180, sales returns and
cost of goods sold
allowances of $18,270,
of $385,700,
and $279,330 in
expenses. Gross profit equals?
operating
a. $116,520.
b. $781,550.
c. $414,120.
d. $395,850.

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