A company reported the following: Cost of Goods Sold$210,000? General, Selling, and Administrative Expenses 5000? Income Tax Expense 7200? Inventory 17,000? Net Income 36,200? Sales Revenue 265,000? Sales Discounts 3700? Sales Returns & Allowances 2900? What is the amount of gross profit?
A. $41,200
B. $48,400
C. $43,400
D. $55,000
Answer: B
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