Question: I am looking for help with this general accounting question using proper accounting standards. The following amounts have been extracted from the accounts of Sell-It

I am looking for help with this general accounting question using proper accounting standards.

The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9 Sales $50,000 Cost of Goods Sold $35,000 Inventory $10,000 Account Payable $8,000 The gross profit that Sell-it would report is: a. $40,000 b. None of the other alternatives are correct c. $7,000 d. $15,000 e. $50,000

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