Net sales are $900,000. Cost of Goods Sold is $250,000, Salaries Expense is $100,000, and Tax...
Net sales are $900,000. Cost of Goods Sold is $250,000, Salaries
Expense is $100,000, and Tax Expense is $200,000. What is gross
profit (gross margin)
please help me understand all the steps :) thank you!
Homework Answers
| Gross profit is the profit earned in excess of the direct costs incurred by company. | |||||
| Direct costs are the costs related to goods sold termed as cost of goods sold | |||||
| Gross profit (gross margin) | Net sales - Cost of goods sold | ||||
| Gross profit (gross margin) | 900000-250000 | ||||
| Gross profit (gross margin) | $650,000 | ||||
| Thus, gross profit is $650,000 | |||||
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Net sales are $900,000. Cost of Goods Sold is $250,000, Salaries
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