The accounting record for Katzen Company reported the following selected information:
Determine Katzen Company's gross profit.
A) $462,000
B) $534,000
C) $420,000
D) $498,000

Question

The accounting record for Katzen Company reported the following selected information:
 Determine Katzen Company's gross profit.
A) $462,000 
B) $534,000 
C) $420,000 
D) $498,000

Quizplus · Accepted Answer

Gross profit = Sales revenue - Sales returns and allowances - Sales discounts - Cost of goods sold
X = $1,050,000 - $78,000 - $36,000 -$402,000
X = $534,000

The Accounting Record for Katzen Company Reported the Following Selected