Question: 8. Using the following information and assuming the net method, what is the amount of gross profit and net income or loss, respectively? Purchases Inventory

8. Using the following information and assuming the net method, what is the amount of gross profit and net income or loss, respectively? Purchases Inventory Sep, 1 Admin Expense Rent Revenue $40,000 6,000 1.050 1,300 Selling Expense Inventory Sep 30 Sales Interest expense $1,090 7,150 50,000 2,000 a. $11,150; $8,310 b. $15,460; $4,000 c. $17,000; $6,520 d. $10,150; $7,030

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