Sales Revenue Is $367,810 While Sales Returns and Allowances and Sales

question 103

Multiple Choice

Sales revenue is $367,810 while sales returns and allowances and sales discounts total $24,180.The cost of goods sold is $216,490,operating and other expenses are $28,500,and the company pays $31,640 in income tax.Which of the following is true?

• A)Net sales is $127,140 and gross profit is $98,640.
• B)Net sales is $67,000 and gross profit is $98,640.
• C)Net sales is $343,630 and gross profit is $127,140.
• D)Net sales is $367,810 and gross profit is $67,000.

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