Joe's Kites is preparing an income statement. Net sales equal $175,000. Returns and allowances equal $16,000. Costs of goods sold equal $95,000. What is Joe's gross margin?

Joe's Kites is preparing an income statement. Net sales equal $175,000. Returns and allowances equal $16,000. Costs of goods sold equal $95,000. What is Joe's gross margin?

Joe's Kites is preparing an income statement. Net sales equal $175,000. Returns and allowances equal $16,000. Costs of goods sold equal $95,000. What is Joe's gross margin?


a. $64,000

b. $80,000

c. $96,000

d. $159,000

e. $191,000


Answer: B


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