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What was Saggy gross profit for the year

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Reference no: EM132643685

Question - During 2020 Saggy's Store had sales of $72,000; cash received of $70,000 of which $2,000 was classified as unearned revenue; cost of goods sold of $24,000; and cash paid for inventory of $18,000. What was Saggy's gross profit for the year?

a. $48,000

b. $46,000

c. $40,000

d. $42,000

e. None of the above

Reference no: EM132643685

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