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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Question

What is Preston industries Inc's gross profit?

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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