Question

Waymon co. has net sales of $100,000, cost of goods sold of $70,000, and operating expenses of $18,000. what is its gross profit?

Answer 1

Profit is equal to gains - losses. In this case it would be
100,000-70,000-18,000=profit=$12,000

Answer 2

Let

P-------> the profit

N------> the net sales

C-----> cost of goods

O-----> operating expense

we know that

$P=N-(C+O)$

in this problem

$N=$$$100,000$

$C=$$$70,000$

$O=$$$18,000$

Substitute the values in the formula above to find the Profit

$P=100,000-(70,000+18,000)$

$P=100,000-(88,000)$

$P=12,000$

therefore

the answer is

the Gross Profit is equal to $$12,000$