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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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8 years ago
New Hope, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information:

Sales Revenue   $525,000
Purchases (excluding Freight In)   347,000
Selling and Administrative Expenses   36,500
Freight In   15,500
Beginning Merchandise Inventory   42,000
Ending Merchandise Inventory   55,500

How much is the gross profit for the year?
A) $349,000
B) $178,000
C) $176,000
D) $212,500
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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8 years ago
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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#3
7 years ago
I'm liking this Slight Smile
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