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 $535,000purchases (excluding freight in) 347,000selling and administrative expenses 32,500freight in 15,200beginning merchandise inventory 43,000ending merchandise inventory 56,500how much is the gross profit for the year?

Gross profit=  $186,300

Explanation:

Giving the following information:

It sold 15,000 units during the year.

The company has provided the following information:

Sales Revenue $535,000

Purchases (excluding Freight In) 347,000

Selling and Administrative Expenses 32,500

Freight In 15,200

Beginning Merchandise Inventory 43,000

Ending Merchandise Inventory 56,500

Gross profit= sales - cost of goods sold

Cost of goods sold= beginning merchandise inventory + purchases - ending merchandise inventory

Cost of goods sold=43000 + (347000 + 15200) - 56500= $348,700

Gross profit= 535000 - 348700= $186,300

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.