Parkside Pool reports net sales of $625,000,gross profit of $275,000,and net income of $15,000.The company's cost of goods sold is:
A)$335,000.
B)$350,000.
C)$340,000.
D)$325,000.

Question

Quizplus · Accepted Answer

Cost of goods sold can be calculated using the following formula:

Cost of Goods Sold = Net Sales - Gross Profit

Thus, Cost of Goods Sold = $625,000 - $275,000 = $350,000.

Therefore, the correct answer is option B.

Parkside Pool Reports Net Sales of $625,000,gross Profit of $275,000,and