Tony's Tool Shed Specializes in Selling Small Farm Tractors

Multiple Choice

Tony's Tool Shed specializes in selling small farm tractors. Tony's starts the year with an inventory of $140,000. During the year, the manufacturer delivered $220,000 more inventory. At year-end, Tony's counts his inventory and finds that he has tractors costing a total of $100,000 on hand. During the year, Tony's sales totaled $300,000. What was his gross profit on the sales for the year?

A) $54,000
B) $40,000
C) $74,000
D) $82,000