Homework Answers
Answer to Question
1.
Part 1.
Gross Profit = Net Sales – Cost of Goods sold
Gross Profit = $445,000 - $190,000
Gross Profit = $255,000
Gross Profit on Sales = Gross Profit / Net Sales * 100
Gross Profit on Sales = $255,000 / $445,000 * 100
Gross Profit on Sales = 57.30%
Part
2.
Net Income from operations = Gross Profit – Operating
Expenses
Net Income from operations = $255,000 - $167,000
Net Income from operations = $88,000
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