The accounting record for Hardware Company reported the following selected information:
Determine Hardware Company's gross profit.
A) $616,000
B) $712,000
C) $560,000
D) $664,000

Question

The accounting record for Hardware Company reported the following selected information:
 Determine Hardware Company's gross profit.
A) $616,000 
B) $712,000 
C) $560,000 
D) $664,000

Quizplus · Accepted Answer

Gross profit = Sales revenue - Sales returns and allowances - Sales discounts - Cost of goods sold
X = $1,400,000 - $104,000 - $48,000 - $536,000
X = $712,000

The Accounting Record for Hardware Company Reported the Following Selected