Question

Oriole Corporation Income Statement:

Sales Revenue: $449,000
Cost of Goods Sold: $250,700
Gross Profit: $198,300
Select the correct missing values:
A. Sales Revenue: $449,000; Cost of Goods Sold: $250,700; Gross Profit: $198,300
B. Sales Revenue: $500,000; Cost of Goods Sold: $300,000; Gross Profit: $200,000
C. Sales Revenue: $400,000; Cost of Goods Sold: $150,000; Gross Profit: $250,000
D. Sales Revenue: $300,000; Cost of Goods Sold: $200,000; Gross Profit: $100,000

Answer 1

Option A has the correct missing values for Oriole Corporation's income statement, with Sales Revenue at $449,000, Cost of Goods Sold at $250,700, and a Gross Profit of $198,300.

Step-by-step explanation:

The correct missing values for the Oriole Corporation Income Statement question are:

Sales Revenue: $449,000

Cost of Goods Sold: $250,700

Gross Profit: $198,300

These figures are provided in the question, and option A exactly matches the sales revenue, cost of goods sold, and gross profit numbers given. The formula for calculating gross profit is Sales Revenue minus Cost of Goods Sold. Using this formula, the gross profit can be confirmed as $198,300 ($449,000 sales revenue - $250,700 cost of goods sold).