Determining Gross Profit
During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000
a. What is the amount of the gross profit?
b. Compute the gross profit percentage (gross profit divided by sales).
c. Will the income statement always report a operating income?
Homework Answers
Answer:
Sales = 8100000
Cost of goods sold = 4698000
a.
Gross profit = Sales - Cost of goods sold
= 8100000 - 4698000
= 3402000
b.
Gross profit percentage = Gross profit / Sales * 100
= 3402000 / 8100000 * 100
= 42%
c.
Income statement will report net income when operating expense are less than gross profit.
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