Question - A company reported the following:
|
Cost of Goods Sold
|
$294,000
|
|
General, Selling and Administrative Expenses
|
16,000
|
|
Income Tax Expense
|
8,800
|
|
Inventory
|
17,500
|
|
Net Income
|
68,100
|
|
Sales Revenue
|
395,000
|
|
Sales Discounts
|
5,200
|
|
Sales Returns and Allowances
|
2,900
|
What is the amount of gross profit?