New Hope,Inc How Much Is the Gross Profit for the Year?
A)$212,500

Multiple Choice

New Hope,Inc.is a merchandiser of stone ornaments.It sold 15,000 units during the year.The company has provided the following information: $$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 525,000 \\\hline \text { Purchases (excluding Freight In) } & 347,000 \\\hline \text { Selling and Administrative Expenses } & 36,500 \\\hline \text { Freight In } & 15,500 \\\hline \text { Beginning Merchandise Inventory } & 42,000 \\\hline \text { Ending Merchandise Inventory } & 55,500 \\\hline\end{array}$$ How much is the gross profit for the year?

A) $212,500
B) $349,000
C) $176,000
D) $178,000