[The following information applies to the questions displayed below.]
Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250) .Beginning inventory for the month was $60,000;purchases for the month were $175,000;and gross profit was 43%.
-Refer to the information above.What was the gross profit for the month?
A) $129,000
B) $171,000
C) $235,000
D) $304,750
Correct Answer:
Verified
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