Toby's Farm Store buys portable generators for $500 and sells them for $800. He pays a sales commission of 5% of sales revenue to his sales staff. Toby pays $2,000 a month rent for his store, and also pays $1,800 a month to his staff in addition to the commissions. Toby sold 200 generators in June.
-If Toby prepares a traditional income statement for the month of June, what would be his gross profit?
A) $260,000
B) $160,000
C) $60,000
D) $100,000

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The Answer of Toby's Farm Store buys portable generators for $500 and sells them for $800. He pays a sales commission of 5% of sales revenue to his sales staff. Toby pays $2,000 a month rent for his store, and also pays $1,800 a month to his staff in addition to the commissions. Toby sold 200 generators in June.
-If Toby prepares a traditional income statement for the month of June, what would be his gross profit?
A) $260,000
B) $160,000
C) $60,000
D) $100,000

Toby's Farm Store Buys Portable Generators for $500 and Sells