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


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:

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What Is Gross Profit? - Definition, Formula & Calculation


Chapter 9 / Lesson 7

Understand 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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