Sales revenue equals $367,810, sales returns & allowances are $10,000, and sales discounts total $14,180. The cost of goods sold is $216,490, operating expenses are $28,500, and the company incurs $31,640 of income tax expense. Which of the following statements is correct?a. Net sales equal $367,810 and gross profit is $67,000.b. Net sales equal $343,630 and gross profit is $98,640.c. Net sales equal $343,630 and gross profit is $127,140.d. Net sales equal $67,000 and gross profit is $98,640.
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Sales revenue equals $367,810, sales returns & allowances are $10,000, and sales discounts total...
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