Question

Financial information is presented below: Operating Expenses $50,000 Sales Returns & Allowances $13,000 Sales Discount $6,000 Sales $138,000 Cost of Goods Sold $57,000 Gross profit would be _______? (Note: Input your response as a whole number without using the "$" sign or commas (i.E. 25,000 should be entered as 25000).)

Answer 1

the gross profit is 62000

Step-by-step explanation:

The computation of the gross profit would be shown below:

Gross Profit = Net Sale - Cost of Goods Sold

= (Sales revenue - Sales discounts - Sales returns and allowances) - Cost of Goods Sold

= ($138,000 - $6,000 $13,000) - $57,000

= 62000

Hence, the gross profit is 62000

We simply applied the above formula so that the correct value could come