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Solve amount of gross profit reported in income statement

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Question 1: On May 3, Lama company sold inventory for $120,000 to a customer on account with terms of 3/10, n/30. The sales allowance amounted to $30,000. The cost of inventory sold was $80,000. On May 11, Lama received payment from the customer. Calculate the amount of gross profit reported in the income statement.

Select one:

Option a. $32,400

Option b. $7,300

Option c. Another amount

Option d. $21,700

Reference no: EM132524713

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