Construction Company operates in a low-lying area that is subject to heavy rains and flooding. Because of this, the company purchases one year of flood insurance in advance on November 1, paying $12,000. Record the purchase of insurance in advance on November 1. Record the adjusting entry related to #62 above on December 31. Ravens Inc. has net sales of $200,000, cost of goods sold of $120,000, selling expenses of $6,000, and non-operating expenses of $2,000. What is the company's gross profit? A. $76,000. B. $80,000. C. $74,000. D. $72,000