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Suppose Harmony Audio had sales of $350,000 and sales returns of $50,000. The cost of goods sold was $180,000. How much gross profit did Harmony Audio report? Options: a) $160,000 b) $120,000 c) $300,000 d) $90,000

Suppose Harmony Audio had sales of $350,000 and sales returns of $50,000. The cost of goods sold was $180,000. How much gross profit did Harmony Audio report? Options: a) $160,000 b) $120,000 c) $300,000 d) $90,000

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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How much gross profit

Suppose Harmony Audio had sales of $350,000 and sales returns of $50,000. The cost of goods sold was $180,000. How much gross profit did Harmony Audio report? Options: a) $160,000 b) $120,000 c) $300,000 d) $90,000
Transcribed Image Text:Suppose Harmony Audio had sales of $350,000 and sales returns of $50,000. The cost of goods sold was $180,000. How much gross profit did Harmony Audio report? Options: a) $160,000 b) $120,000 c) $300,000 d) $90,000
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