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What is Bonanza Corp gross profit

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Question 1 - Smith Company had the following information during the past year. Beginning inventory of $40,000. Purchases of $400,000 and Ending Inventory $2,000. Determine the Smith Company's Cost of Goods Sold for the year?

1. $372,000

2. $388,000

3. $412,000

4. $440,000

Question 2 - For the year ended Dec 31, 2020 Bonanza Corp has sales of $75,000 and COGS of $41,000 and Operating expenses of $14,000. What is Bonanza Corp's gross profit?

1. 20,000

2. 34,000

3. 75,000

4. 27,000

Reference no: EM133132489

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