A Company Reported the Following What Is the Amount of Gross Profit?
A)$75,360
B)$78,960
C)$84,000

question 76

Multiple Choice

A company reported the following: $\begin{array}{lr}\text { Cost of Goods Sold } & \$ 200,000 \\\text { General, Selling, and Administrative Expenses } & 52,800 \\\text { Income Tax Expense } & 3,600 \\\text { Inventory } & 12,000 \\\text { Net Income } & 22,560 \\\text { Sales Revenue } & 284,000 \\\text { Sales Discounts } & 2,720\\\text { Sales Returns \& Allowances }&2,320\end{array}$ What is the amount of gross profit?

• A)$75,360
• B)$78,960
• C)$84,000
• D)$26,160

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Definitions:

Industry

The organized action of making goods and services available for consumer use through the production, manufacturing, or construction processes.

Payoff Matrix

A table that shows the potential outcomes of different strategies in a game or decision-making situation.

Compete

The act of entities striving against each other to attain a goal, such as a higher market share or win.

Cooperate

The act of working together towards a common goal or benefit.