What the balance of the deferred gross profit account

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Reference no: EM132784326

Problem1 : The Brownout, Inc., began operating at the start of the calendar year 2016, uses the installment method of accounting: Installment sales 400,000 Gross margin cost 66 2/3% Inventory, December 31, 2016 80,000 General & Administrative expense 40,000 Accounts receivable, December 31, 2016 320,000 The balance of the deferred gross profit account on December 31, 2016 should be:

Select the correct response:

Option 1: 96,000

Option 2: 128,000

Option 3: 80,000

Option 4: 192,000

Reference no: EM132784326

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