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The following information is from the income statement for Sally's Soap Shop Inc. Determine the...

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Question

Accounting

The following information is from the income statement for Sally's Soap Shop Inc. Determine the amount of gross profit.

Cost of goods sold

$334,000

Income tax expense

48,200

Operating expenses

244,000

Sales

980,000

Sales discounts

24,000

Sales returns and allowances

74,000

Select one:

a. $882,000

b. $736,000

c. $548,000

d. $638,000

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