[The Following Information Applies to the Questions Displayed Below

question 5

Multiple Choice

[The following information applies to the questions displayed below.]
Michael uses its periodic inventory system and the following information is available:

-What is the gross profit?

• A)$ 9,800
• B)$33,600
• C)$32,200
• D)$43,400

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Definitions:

Accrued Expense

Expenses that have been incurred but not yet paid, representing a company's obligation to make future payments.

Salary Owed

The amount of remuneration that an employer is legally obligated to pay to an employee for the work that has already been completed.

Fire Insurance

Fire insurance is a type of property insurance that covers damage and losses caused by fire, providing compensation to the policyholder.

Supplies Expense

Costs associated with consumable items or supplies used during an accounting period.