Use the information below to answer the following question(s).
Olde Tyme Beverage Company's operating activities for the year are listed below.

-What is the gross profit for the year at the Olde Tyme Beverage Company?
A) $147,000
B) $143,000
C) $67,000
D) $195,000

Question

Use the information below to answer the following question(s).
Olde Tyme Beverage Company's operating activities for the year are listed below.
 
-What is the gross profit for the year at the Olde Tyme Beverage Company?
A) $147,000 
B) $143,000 
C) $67,000 
D) $195,000

Quizplus · Accepted Answer

A) Beginning Inventory $12,000 + Purchases 132,000 = Goods Available
$144,000 - Ending Inventory 16,000 = 128,000 Cost of Goods Sold
$275,000 - $128,000 = $147,000

Use the Information Below to Answer the Following Question(s)