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lo 2.1canine couture is a specialty dog clothing boutique that sells clothing and clothing accessories for dogs. in 2019, they had gross revenue from sales totaling $86,500. their operating expenses for this same period were $27,500. if their cost of goods sold (cogs) was 24% of gross revenue, what was their net operating income for the year?

$38,240

Explanation:

Given that,

Gross revenue from sales totaling = $86,500

Operating expenses for this same period = $27,500

Cost of Goods Sold (COGS):

= 24% of gross revenue

= 0.24 × $86,500

= $20,760

Net operating income for the year:

= Gross revenue from sales - COGS - Operating expenses

= $86,500 - $20,760 - $27,500

= $38,240

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