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Rockfish, Ltd. had a gross profit percentage of 35% for the year. If sales revenue was...

Question:

Rockfish, Ltd. had a gross profit percentage of 35% for the year. If sales revenue was $8,548,500, sales discounts were $242,800, and sales returns and allowances totaled $968,400, what was the cost of goods sold for the year?

Gross Profits:

On the multi-step income statement, the company shows different types of profits. The gross profits show what accountants call the contribution margin.

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Cost of Goods Sold on an Income Statement: Definition & Formula

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Chapter 2 / Lesson 10
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Learn the definition of the cost of goods sold and the formula used to calculate it. Also, learn how the cost of goods sold is calculated using examples.


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