Question

Cushman Company had $848,000 in sales, sales discounts of $12,720, sales returns and allowances of $19,080, cost of goods sold of $402,800, and $291,710 in operating expenses. Gross profit equals:

Answer 1

Answer: $413,400

.

Sales		$848,000
Less: Sales discount	($12,720)
Less: Sales returns and Allowances	($19,080)	($31,800)
Net Sales		$816,200
Less: Cost of Goods Sold		($402,800)
Gross profit		$413,400