What relationship exists between cost of goods sold and gross profit? A. Only service companies report...
What relationship exists between cost of goods sold and gross profit?
A. Only service companies report both cost of goods sold and gross profit
B. Cost of goods sold plus gross profit equals sales
C. Cost of goods sold minus gross profit equals operating profit
D. Cost of goods sold equals gross profit
Homework Answers
Correct option is: B. Cost of goods sold plus gross profit equals sales
Sales - Cost of goods sold = Gross profit
Cost of goods sold - Gross profit = Sales
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