Riverton Industries, Inc. had $675,000 in sales, sales discounts of $13,500, sales returns and allowances of $16,200, cost of goods sold of $348,750, and $189,600 in operating expenses. Gross profit equals: a. $106,950. b. $645,300. c. $326,250. d. $296,550. e. $309,750.

Riverton Industries, Inc. had $675,000 in sales, sales discounts of $13,500, sales returns and allowances of $16,200, cost of goods sold of $348,750, and $189,600 in operating expenses. Gross profit equals: a. $106,950. b. $645,300. c. $326,250. d. $296,550. e. $309,750.

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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Don't use ai given answer accounting questions

Riverton Industries, Inc. had $675,000 in sales, sales discounts of $13,500,
sales returns and allowances of $16,200, cost of goods sold of $348,750, and
$189,600 in operating expenses. Gross profit equals:
a. $106,950.
b. $645,300.
c. $326,250.
d. $296,550.
e. $309,750.

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