(Answered) Question - for the year 2015 mcguires auto had operating

Accounting

Question - For the year 2015, McGuire's Auto had Operating Income of $320,000. It also had the following expenses:

• Salaries and Wages Expense $75,000

• Building and Utilities Expense $86,000

• Interest Expense $122,000

• Income Tax Expense $84,000

• Cost of Goods Sold (COGS) for the year was $440,000

What would McGuire's Auto's gross profit be for 2015?

$481,000

$687,000

$440,000

$526,000

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