A retailer recorded annual sales revenue of $423,000. During the year, it reported sales discounts of $5,500, cost of goods sold of $213,000, operating expenses of $101,000, sales returns of $5,500, and freight out of $8,500. What is the retailers gross profit for the year?

Select one:

a.

$198,600

b.

$198,000

c.

$199,000

d.

$206,500

e.

$210,900