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Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. Cost of goods sold was $152,000. How much gross profit did Austin Sound report?

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Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. Cost of goods sold was $152,000. How much gross profit did Austin Sound report? Answer: $103,000

Austin Sound reported a gross profit of $103,000. This is calculated by first finding the net sales (total sales minus sales returns) and then subtracting the cost of goods sold from the net sales.

Question context

This question is part of 🌍 Current Affairs within the broader 🌐 Current Affairs & GK subject and appears in the SPSC – Sindh Public Service Commission preparation collection. Reviewing the answer together with nearby questions helps reinforce the underlying concept and identify how it may appear in competitive exams.