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irinina [24]
3 years ago
5

Using the following information, what is the amount of gross profit?​

Business
1 answer:
SIZIF [17.4K]3 years ago
3 0

Answer:

Gross profit= $54,700

Explanation:

Giving the following information:

Purchases $37,000

Merchandise inventory, September 1 6,100

Merchandise inventory, September 30 6,800

Sales 91,000

<u>First, we need to calculate the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 6,100 + 37,000 - 6,800

COGS= $36,300

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

Gross profit= sales - COGS

Gross profit= 91,000 - 36,300

Gross profit= $54,700

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Your question is incomplete. Please read below for the missing content.

ma Rich purchased 100 shares of Stockits, Inc.'s $1 par value common stock from Stockists for $5 per share. Which statements are true regarding the effect of this transaction on Stockits' financial statements? (Select all that apply.)

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