Stanley's Bicycles store buys bicycles on average for $610 and sells them on average for...
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Accounting
Stanley's Bicycles store buys bicycles on average for $610 and sells them on average for $800. He pays a sales commission of 15% of sales revenue to his sales staff. Stanley pays $1,600 a month rent for his store and also pays $7,000 a month to his staff in addition to the commissions. Stanley sold 160 bicycles in June. If Stanley prepares a traditional income statement for the month of June, what would be his gross profit?
a.97,600
b.128,000
c.225,600
d.30,400
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