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Using the following information, what is the amount of gross profit? Purchases $ 28,008 Selling expenses...

Using the following information, what is the amount of gross profit? Purchases $ 28,008 Selling expenses $ 869 Merchandise inventory, September 1 6,087 Merchandise inventory, September 30 8,042 Administrative expenses 682 Sales 59,358 Rent revenue 1,123 Interest expense 874 a.$32,436 b.$59,358 c.$33,305 d.$85,411

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Answer #1
CALCULATION OF GROSS PROFIT
Amount Amount
Sales $               59,358
Less: Cost of Goods Sold
Beginning inventory $             6,087
Add: Purchases $           28,008
Total goods available $           34,095
Less: Ending inventory 8042
Cost of Goods Sold $               26,053
Gross Profit $               33,305
Answer = Option C = $ 33,305
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