A company has the following items on its year-end trial balance: Net sales | $ 500,000 | Common stock | 100,000 | Insurance expense | 75,000 | Wages | 50,000 | Cost of goods sold | 100,000 | Cash | 40,000 | Accounts payable | 25,000 | Interest payable | 20,000 |
What is the company's gross profit?
|
a. | $275,000 | |
b. | $400,000 | |
c. | $230,000 | |
d. | $500,000 |
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