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Simora [160]
3 years ago
15

Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest expense was $16,000; research and

development expenses were $34,000; net cash provided by operating activities was $42,000; income tax expense was $10,000; cost of goods sold was $220,000.
1. Gross profit for the period was ___________.
Business
1 answer:
k0ka [10]3 years ago
7 0

Answer:

$428,000

Explanation:

Gross profit for the period = total sales generated (revenue) - total expenses

Expenses incurred as as follows;

-Selling, general, and administrative expenses = $80,000

-Interest expense = $16,000

-Research and development expenses = $34,000

-Net cash provided by operating activities = $42,000

Income tax expense was $10,000

Total expenses incurred = $182,000

Total sales generated (revenue)

- Net sales = $390,000

- Cost of goods sold = $220,000

Total sales generated = $610,000

Gross profit for the period = $610,000 - $182,000

Gross profit for the period = $428,000

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