A Company Has Sales of $1,500,000,sales Discounts of $102,000,sales Returns

Multiple Choice

A company has sales of $1,500,000,sales discounts of $102,000,sales returns and allowances of $123,000,shipping charges of $15,000,sales commissions of $34,000,net income of $263,500,and cost of goods sold of $420,000.What is the gross profit/margin for the period?

A) $ 806,000
B) $1,031,000
C) $1,182,000
D) $1,080,000
E) $ 855,000