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Takenson Corp -Refer to the Information for Takenson Corp

Question 72

Multiple Choice

Takenson Corp.is a merchandising company that uses the periodic inventory system.Selected account balances are listed below:  Sales $500,000 Purchases 225,000 Inventory (beginning)  16,000 Inventory (ending)  30,000 Operating Expenses 148,000 Income Tax Expense 10,000 Retained Earnings (beginning)  53,000 Dividends 15,000\begin{array} { l r } \text { Sales } & \$ 500,000 \\\text { Purchases } & 225,000 \\\text { Inventory (beginning) } & 16,000 \\\text { Inventory (ending) } & 30,000 \\\text { Operating Expenses } & 148,000 \\\text { Income Tax Expense } & 10,000 \\\text { Retained Earnings (beginning) } & 53,000 \\\text { Dividends } & 15,000\end{array}
-Refer to the information for Takenson Corp. Calculate the gross profit.


A) $241,000
B) $275,000
C) $425,000
D) $289,000

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