Stanley's Bicycles Store Buys Bicycles on Average for $610 and Sells

Multiple Choice

Stanley's Bicycles store buys bicycles on average for $610 and sells them on average for $780. He pays a sales commission of 15% of sales revenue to his sales staff. Stanley pays $1700 a month rent for his store, and also pays $8000 a month to his staff in addition to the commissions. Stanley sold 160 bicycles in June. If Stanley prepares a traditional income statement for the month of June, what would be his gross profit?

A) $222,400
B) $27,200
C) $97,600
D) $124,800