Copyright

Financial information is presented below: Operating Expenses $92,800 Sales Returns and Allowances...

Question:

Financial information is presented below:

Operating Expenses$92,800
Sales Returns and Allowances18,000
Sales Discounts12,000
Sales Revenue350,000
Cost of Goods Sold176,000

Gross profit would be:

A) $51,200

B) $156,000

C) $144,000

D) $174,000

Gross Profit:

Gross profit can be defined as the total gain that a company has made after selling the goods and services and deducting the cost of goods sold from the net sales value.

Gross profit = Sales revenue - Sales return & Allowance - Sales discount - Cost of goods sold

Answer and Explanation:

Become a Study.com member to unlock this answer!

View this answer

See full answer below.


Learn more about this topic:

Loading...
What Is Gross Profit? - Definition, Formula & Calculation

from

Chapter 9 / Lesson 7
32K

Understand the meaning of gross profit in accounting. Discover the formula for calculating gross profit and explore some examples of gross profit calculation.


Related to this Question

Explore our homework questions and answers library