Thomas Schuh Company sold 12,565 pairs of shoes at the rate $50 per pair

Accounting Aug 06, 2020

Thomas Schuh Company sold 12,565 pairs of shoes at the rate $50 per pair. The cost of goods sold was $376,950. The gross profit is $ 251,300.00 O $ 251,000.00 O $ 251,303.00 $ 251,300.10

Expert Solution

Calculation of Sales Revenue :

No. of Units = 12,565 Pairs

Sales Price per Pair = $ 50

Sales Revenue = 12,565 Pairs * $ 50 per Pair = $ 628,250.

Calculation of Gross Profit :

Sales Revenue = $ 628,250

Less : Cost of Goods Sold = $ 376,950.

Gross Profit = $ 251,300. [$ 628,250 - $ 376,950]

Therefore, the Answer for Gross Profit is $ 251,300 [Option - A].

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