Cushman Company, Inc. had $812,000 in sales, sales discounts of $12,180, sales returns and allowances of $18,270, cost of goods sold of $385,700, and $279,330 in operating expenses. Gross profit equals: a. $116,520. b. $781,550. c. $414,120. d. $395,850. e. $408,030.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
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Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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Cushman Company, Inc. had $812,000 in sales, sales discounts
of $12,180, sales returns and allowances of $18,270, cost of goods
sold of $385,700, and $279,330 in operating expenses. Gross profit
equals:
a. $116,520.
b. $781,550.
c. $414,120.
d. $395,850.
e. $408,030.
Transcribed Image Text:Cushman Company, Inc. had $812,000 in sales, sales discounts of $12,180, sales returns and allowances of $18,270, cost of goods sold of $385,700, and $279,330 in operating expenses. Gross profit equals: a. $116,520. b. $781,550. c. $414,120. d. $395,850. e. $408,030.
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