Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the...
Determining Gross Profit
During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000.
a. What is the amount of gross profit?
$
b. Compute the gross profit percentage (gross
profit divided by sales). Round to the nearest whole number.
%
c. When will the income statement report net income?
Can you provide step by step. Thank you
Homework Answers
a. Gross profit = Sales - Cost of goods sold = $11,750,000 - $7,050,000 = $4,700,000
b. Gross profit percentage = Gross profit / Sales = $4,700,000 / $11,750,000 = 40%
c. Income statement will report net income when operating expense are less than gross profit.
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Determining Gross Profit
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