Bowring Company Took the Following Data from Their Income Statement

question 169

Multiple Choice

Bowring Company took the following data from their income statement at the end of the current year.
$$\begin{array} { l r } \text { Per-unit product cost: } & \$ 30 \\\text { Gross margin percentage: } & 40 \% \\\text { Selling and admini strative expenses } & \$ 30,000 \\\text { Operating income } & \$ 10,000\end{array}$$
-Refer to the Figure.What was the cost of goods sold for the year?

• A)$40,000
• B)$50,000
• C)$60,000
• D)$100,000

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