The following financial information was summarized from the accounting records of Block Corporation for the current year ended December 31:

-The gross profit for the Hardware Division is
A)$103,000.
B)$229,800.
C)$176,400.
D)$76,200.

Question

The following financial information was summarized from the accounting records of Block Corporation for the current year ended December 31:
 
-The gross profit for the Hardware Division is
A)$103,000. 
B)$229,800. 
C)$176,400. 
D)$76,200.

Quizplus · Accepted Answer

The gross profit for the Hardware Division can be calculated as follows:
Net Sales - Cost of Goods Sold = Gross Profit
$880,000 - $703,600 = $176,400
Therefore, the correct answer is C) $176,400.

The Following Financial Information Was Summarized from the Accounting Records