Question:Dunlop Company had installment sales of $1,000,000 in its first year of operations. The cost of goods sold on installment was $650,000. Dunlop collected a total of $500,000 on the installment sales. Using the installment method, how much gross profit should be recognized in the first year?
A $140,000.
B $175,000.
C $350,000.
D $500,000.
+ AnswerB
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