Question

Larry and Sam own a clothing store. They made $5,000 in revenue this month. Their cost of goods sold are $1,500. What was their Gross Profit this month?

Answer 1

$3,500

Explanation:

Given that

Revenue made during the month = $5,000

Cost of goods sold = $1,500

So by considering the above information, the gross profit is

= Revenue made during the month - cost of goods sold

= $5,000 - $1,500

= $3,500

By dividing the cost of goods sold from the revenue we can get the gross profit for this month