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What amount would fox report as gross profit

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Reference no: EM131804879

Question - Several of Fox Inc.'s customers are having cash flow problems. Information pertaining to these customers for the years ended March 31, 1998 and 1999, follows:

3/31/98 3/31/99

Sales $10,000 $15,000

Cost of Sales 8,000 9,000

Cash Collections

On 1998 Sales 7,000 3,000

On 1999 Sales - 12,000

If the cost-recovery method is used, what amount would Fox report as gross profit from sales to these customers for the year ended March 31, 1999?

a. $2,000

b. $3,000

c. $5,000

d. $15,000

Reference no: EM131804879

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