During the current year, merchandise is sold for $117,500 cash and $241,750 on account. The cost of the goods sold is $157,400. What is the amount of the gross profit?

Gross Profit

The financial metric that represents the difference between sales revenue and the cost of goods sold, excluding other expenses and overhead.

Merchandise Sold

Goods that have been sold by a company, generating revenue; part of the sales process in a retail or wholesale environment.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including the cost of raw materials and labor.