Question

During the current year, merchandise is sold for $11,750,000. the cost of the goods sold is $7,050,000.

a. what is the amount of the gross profit?

Answer 1

The gross profit is calculated by subtracting the cost of goods sold from the sales revenue, resulting in a gross profit of $4,700,000 for the current year.

Step-by-step explanation:

The student's question asks to calculate the amount of gross profit. Gross profit is determined by subtracting the cost of goods sold (COGS) from the total revenue or sales. In this scenario, the merchandise sold amounts to $11,750,000 and the cost of the goods sold is $7,050,000. Using the formula:

Gross Profit = Sales - COGS

We calculate the gross profit as follows:

Gross Profit = $11,750,000 - $7,050,000

Gross Profit = $4,700,000

Therefore, the gross profit from the merchandise sold during the current year is $4,700,000.

Answer 2

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