How much is the gross profit for the year? A) $212,500
Belstone, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The
company has provided the following information:
C) $176,000
Cost of Goods Sold = Beginning Merchandise Inventory + Purchases + Freight In - Ending
Merchandise Inventory = $42,000 + $347,000 + $15,500 - 55,500 = $349,000
Gross Profit = Sales Revenue - Cost of Goods Sold = $525,000 - $349,000 = $176,000
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