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Peak Electronics Inc. had sales of $500,000 and sales returns of $60,000. The cost of goods sold was $200,000. How much gross profit did Peak Electronics report? a. $320,000 b. $240,000 c. $300,000 d. $220,000

Peak Electronics Inc. had sales of $500,000 and sales returns of $60,000. The cost of goods sold was $200,000. How much gross profit did Peak Electronics report? a. $320,000 b. $240,000 c. $300,000 d. $220,000

Intermediate Accounting: Reporting And Analysis
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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Peak Electronics Inc. had sales of $500,000 and sales returns of $60,000. The cost of goods sold was $200,000. How much gross profit did Peak Electronics report? a. $320,000 b. $240,000 c. $300,000 d. $220,000
Transcribed Image Text:Peak Electronics Inc. had sales of $500,000 and sales returns of $60,000. The cost of goods sold was $200,000. How much gross profit did Peak Electronics report? a. $320,000 b. $240,000 c. $300,000 d. $220,000
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