Question - New Hope, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information:
| Sales Revenue |
$525,000 |
| Purchases(excluding FreightIn) |
347,000 |
| Selling and Administrative Expenses |
36,500 |
| Freight In |
15,500 |
| Beginning Merchandise Inventory |
42,000 |
| Ending Merchandise Inventory |
55,500
|
How much is the gross profit for the year?
A. $349,000
B. $178,000
C. $212,500
D. $176,000