Newark Company has provided the following information: · Cash sales, $450,000 · Credit sales, $1,350,000 · Selling and administrative expenses, $330,000 · Sales returns and allowances, $90,000 · Depreciation expense, $101,000 · Gross profit, $1,360,000 · Increase in accounts receivable, $55,000 · Bad debt expense, $33,000 · Sales discounts, $43,000 How much is Newark's cost of goods sold? Group of answer choices A)$307,000 B)$252,000 C)$440,000 D)$340,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Newark Company has provided the following information:

· Cash sales, $450,000
· Credit sales, $1,350,000
· Selling and administrative expenses, $330,000
· Sales returns and allowances, $90,000
· Depreciation expense, $101,000
· Gross profit, $1,360,000
· Increase in accounts receivable, $55,000
· Bad debt expense, $33,000
· Sales discounts, $43,000

How much is Newark's cost of goods sold?
Group of answer choices
A)$307,000
B)$252,000
C)$440,000
D)$340,000
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