Given the Following Information, Calculate the Firm's NET PROFIT (Or

Multiple Choice

Given the following information, calculate the firm's NET PROFIT (or LOSS) . $$\begin{array} { l l } \text { Returns and allowances } & \$ 60,000 \\\text { Gross sales } & \$ 460,000 \\\text { Cost of sales } & \$ 200,000 \\\text { Expenses } & \$ 100,000 \\\text { Gross margin } & \$ 200,000\end{array}$$

A) $85,000
B) $100,000
C) $50,000
D) $160,000
E) a loss of $200,000