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5. Marathon Sports Gear had sales of $562,000, sales returns of $27,000, and purchase discounts of $11,000. Cost of Goods Sold was determined to be
5. Marathon Sports Gear had sales of $562,000, sales returns of $27,000, and purchase discounts of $11,000. Cost of Goods Sold was determined to be $280,000. How much gross profit did Marathon Sports Gear report?
A. $282,000
B. $266,000
C. $255,000
D. 240,000
7. Suppose Discount Dollars Purchases totaled $68,000, Purchase Returns totaled $5,200, Purchase Allowances totaled $1,500, Purchase Discounts totaled $2,800, and Freight In totaled $5,000. What is Discount Dollars net purchases?
$ 63,500
$ 58,500
$ 55,000
$ 53,500
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