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?

Net sales equal $367,810 and gross profit is $67,000.

Net sales equal $343,630 and gross profit is $98,640.

Net sales equal $343,630 and gross profit is $127,140.

Net sales equal $67,000 and gross profit is $98,640.

Answer rating: 100% (QA)

Gross sales revenue 367810 Less Sales return and allowan... View the full answer