Your Firm Has the Following Income Statement Items: Sales of $50,250,000;

Multiple Choice

Your firm has the following income statement items: sales of $50,250,000; income tax of $1,744,000; operating expenses of $10,115,000; cost of goods sold of $35,025,000; and interest expense of $750,000. What is the amount of the firm's gross profit?

A) $18,000,000
B) $15,225,000
C) $5,000,110
D) $6,632,000