Given the following data, what is Gross Profit? Sales revenue $850,000 Beginning inventory 120,000 Ending inventory 200,000 Purchases 700,000 Freight-out 10,000 Freight-in 20,000 Purchase Discounts 5,000 Select one: a. $215,000 O b. $200,000 O c. $225,000 O d. $230,000 O e. $205,000 At January 1, 2018, Beckett, Inc. reported $996 in liabilities. For the year ended December 31, 2018, Beckett reported revenues of $980, expenses of $924, and dividends of $36. During the year, the firm issued $90 in common stock. There were no other items affecting equity. Assets at December 31, 2018 were $2,174 and liabilities increased during the year by $24. What were assets at January 1, 2018? Select one: O a. $2,040 O b. $2,060 O c. $2,130 d. $2,308 O e. $2,260 Pomona Company made the following errors: Accrued wages of $7 by debiting Wages Expense and crediting Unearned Revenue Recorded the $13 payment of an Account Payable by debiting Inventory and crediting Interest Expense Recorded a $23 credit sale by debiting Cash and crediting Accumulated Depreciation. The overall effect of these errors is that Net Income is: Select one: O a. Overstated $6 b. Understated $17 c. Overstated $20 d. Overstated $43 O e. Understated $10