Our company is a manufacturer and has the following data available for the current year:...
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Accounting
Our company is a manufacturer and has the following data available for the current year:
- sales, $550,000;
- sales discounts, $20,000;
- sales returns and allowances, $15,000; and
- cost of goods sold, $200,000.
What is the amount reported on the income statement for gross profit?
$530,000
$515,000
$330,000
$315,000
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