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kykrilka [37]
2 years ago
11

etermining Gross Profit During the current year, merchandise is sold for $990,000. The cost of the merchandise sold is $693,000.

a. What is the amount of the gross profit? $fill in the blank 1 b. Compute the gross profit percentage (gross profit divided by sales). fill in the blank 2 % c. When will the income statement necessarily report a net income?
Business
1 answer:
otez555 [7]2 years ago
6 0

Answer:

Results are below.

Explanation:

<u>A: To calculate the gross profit, we need to use the following formula:</u>

Gross profit= sales - cost of goods sold

Gross profit= 990,000 - 693,000

Gross profit= $297,000

B: <u>Now, the gross profit percentage:</u>

Gross profit percentage= (gross profit / sales)*100

Gross profit percentage= (297,000 / 990,000)*100

Gross profit percentage= 30%

C: F<u>inally, a net income is reported in the income statement at the moment of the sale</u>. It doesn't matter if the sale was paid or not.

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