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How much is the gross profit for the year

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Question - New Hope, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information:

Sales Revenue $525,000
Purchases(excluding FreightIn) 347,000
Selling and Administrative Expenses 36,500
Freight In 15,500
Beginning Merchandise Inventory 42,000
Ending Merchandise Inventory

55,500

How much is the gross profit for the year?

A. $349,000

B. $178,000

C. $212,500

D. $176,000

Reference no: EM131720228

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