A company reported the following: Cost of Goods Sold $280,000 General, Selling, and Administrative Expenses. 8,000 Income Tax Expense 5,050 Inventory 32,000 Net Income 99,500 12 Sales Revenue 400,000 Sales Discounts Sales Returns & Allowances 4,400 3,050 What is the amount of gross profit? Multiple Choice $104,550 $112,550 $107,500 $120,000