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Marianna [84]
3 years ago
5

Using the information below, calculate gross profit for the period:

Business
1 answer:
patriot [66]3 years ago
8 0

Answer:

a. $749,000.

Explanation:

The computation of the gross profit is shown below:

Gross profit = Sales Revenues for the period - Cost of Goods Sold for the period

= $1,324,000 - $575,000

= $749,000

It is shown in the income statement

We simply deduct the cost of goods sold from the sales revenue so that the gross profit can come

All other information which is given is not relevant. Hence, ignored it

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