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Pinnacle Apparel had sales of $630,000, sales returns of $18,000, and purchase discounts of $10,000. Cost of Goods Sold was $295,000. How much gross profit did the company report?

Pinnacle Apparel had sales of $630,000, sales returns of $18,000, and purchase discounts of $10,000. Cost of Goods Sold was $295,000. How much gross profit did the company report?

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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Pinnacle Apparel had sales of $630,000, sales returns of $18,000, and purchase discounts of $10,000. Cost of Goods Sold was $295,000. How much gross profit did the company report?
Transcribed Image Text:Pinnacle Apparel had sales of $630,000, sales returns of $18,000, and purchase discounts of $10,000. Cost of Goods Sold was $295,000. How much gross profit did the company report?
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