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The records of KATINKO CO. showed the following information: Accounts receivable,...

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Accounting

The records of KATINKO CO. showed the following information:

Accounts receivable, net, Jan. 1, 20x1

40,000

Accounts receivable, net, Dec. 31, 20x1

160,000

Accounts receivable turnover

5:1

Inventory, Jan. 1, 20x1

120,000

Inventory, Dec. 31, 20x1

80,000

Inventory turnover (4:5:1)

How much is the gross profit for the year?

a. 120,000

b. 130,000

c. 150,000

d. neither A, B, or C

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