Question - For the year 2015, McGuire's Auto had Operating Income of $320,000. It also had the following expenses:
• Salaries and Wages Expense $75,000
• Building and Utilities Expense $86,000
• Interest Expense $122,000
• Income Tax Expense $84,000
• Cost of Goods Sold (COGS) for the year was $440,000
What would McGuire's Auto's gross profit be for 2015?
$481,000
$687,000
$440,000
$526,000