Chapter 13, Problem 24RQSC

Solve this general accounting problem

I need this question answer general accounting

The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: Sales $50,000 Cost of Goods Sold $35,000 Inventory Account Payable $10,000 $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000