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What the gross profit for the current year

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Question - For the 2021 year, the following data were taken from the accounting records.

$

Sales 900,000

Freight-out 3,600

Sales returns and allowances 30,000

Purchases 500,000

Selling expenses 4,975

Purchase returns and allowances 8,000

Depreciation expense 8,025

Freight-in 2,000

Inventory at 1/7/20 90,000

Discount allowed 2,800

Inventory at 30/6/21 130,000

Required - What the gross profit for the current year?

a. $396,600

b. $404,625

c. $416,000

d. $418,000

e. None of the above

Reference no: EM133112974

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