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 Allowances | 18,000 |
Sales Discounts | 12,000 |
Sales Revenue | 350,000 |
Cost of Goods Sold | 176,000 |
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
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Chapter 9 / Lesson 7Understand the meaning of gross profit in accounting. Discover the formula for calculating gross profit and explore some examples of gross profit calculation.
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