Question

Marathon Sports Gear had net sales of $562,000 and Cost of Goods Sold of $290,000. How much gross profit did Marathon Sports Gear report?

Answer 1

The gross profit for Marathon Sports Gear is $272,000.

Step-by-step explanation:

To calculate the gross profit, you subtract the Cost of Goods Sold (COGS) from the net sales. In this case, Marathon Sports Gear had net sales of $562,000 and COGS of $290,000. So, the gross profit would be $562,000 - $290,000 = $272,000.