For Merando Company, the Following Information Is Available In Merando's Multiple-Step Income Statement, Gross Profit
A)should Not Be

Multiple Choice

For Merando Company, the following information is available: $\begin{array}{lr}\text { Cost of goods sold } & \$ 90,000 \\\text { Dividend revenue } & 4,000 \\\text { Income tax expense } & 9,000 \\\text { Operating expenses } & 35,000 \\\text { Sales } & 150,000\end{array}$ In Merando's multiple-step income statement, gross profit

A) should not be reported
B) should be reported at $20,000.
C) should be reported at $60,000.
D) should be reported at $64,000.