Porches,Inc. ,sells lawn furniture.Selected financial information for the most recent year follows.
Beginning merchandise inventory on January 1 was $33,000.
Ending merchandise inventory on December 31 was $35,000.
Purchases during the year were $92,000.
Selling and administrative expenses were $75,000.
Sales for year were $262,000.
What was gross profit?

Question

Quizplus · Accepted Answer

D)Calculations: $92,000 + $33,000 = $125,000 - $35,000 = $90,000.Next $262,000 - $90,000 = $172,000