Preston Industries Inc. had the following financial data for the year: Sales: $925,000 Sales Discounts: $14,250 Sales Returns and Allowances: $19,500 Cost of Goods Sold (COGS): $435,700 What is Preston Industries Inc.'s gross profit? a. $455,550 b. $890,750 c. $460,550 d. $455,850 e. $455,650
Preston Industries Inc. had the following financial data for the year: Sales: $925,000 Sales Discounts: $14,250 Sales Returns and Allowances: $19,500 Cost of Goods Sold (COGS): $435,700 What is Preston Industries Inc.'s gross profit? a. $455,550 b. $890,750 c. $460,550 d. $455,850 e. $455,650
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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What is Preston industries Inc's gross profit? General accounting

Transcribed Image Text:Preston Industries Inc. had the following financial data for the
year:
Sales: $925,000
Sales Discounts: $14,250
Sales Returns and Allowances: $19,500
Cost of Goods Sold (COGS): $435,700
What is Preston Industries Inc.'s gross profit?
a. $455,550
b. $890,750
c. $460,550
d. $455,850
e. $455,650
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