Your company buys 500 pairs of socks at $3 each (including other purchasing costs such as transportation) and sells them for $5 each. Which of the following statements is true?
A) The sales revenue is $1,000.
B) The gross profit is $1,000.
C) The cost of goods sold is $1,000.
D) The net income is $1,000.
Correct Answer:
Verified
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