Question

Lucky Inc. reported sales revenue of $385,000, operating expenses of $65,000, and a net loss of $23,000 for the most recent fiscal year. What amount did Lucky report for cost of goods sold

Answer 1

Answer:

$343,000

Explanation:

Given that,

Sales revenue = $385,000

Operating expenses = $65,000

Net loss = $23,000

Gross profit:

= Net loss + Operating expenses

= - $23,000 + $65,000

= $42,000

Cost of goods sold:

= Sales revenue - Gross profit

= $385,000 - $42,000

= $343,000

Therefore, the amount of cost of goods sold for the Lucky is $343,000.