Determining gross profit During the current year, merchandise is sold for $8,560,000. The cost of the...
Determining gross profit
During the current year, merchandise is sold for $8,560,000. The cost of the goods sold is $6,077,600. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
What is the amount of the gross profit? Round your answer to the nearest dollar.
a. $ 2,482,400
b.Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number.
Answer?
Homework Answers
Answer
- Requirement [b]
Gross Profit % = (Gross Profit / Sales) x 100
= ($2482400 / $8560000) x 100
= 29% Answer
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Determining gross profit
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