A firm reports the following income statement items: sales of $60,550,000; income tax of $1,744,000; operating expenses of $10,115,000; cost of goods sold $34,025,000; and interest expense of $750,000. What is the amount of the firm's gross profit?
A) $23,910,000
B) $26,525,000
C) $15,660,000
D) $16,410,000
B
Explanation: B) Gross Profit = Sales - COGS = $60,550,000 - $34,025,000 = $26,525,000.
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