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3 years ago

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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3 years ago

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Dr : petty cash $350

Cr: : Cash $350

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Cr: Cash $326.39

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Cr: cash $490

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Total office supplies $81.32

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3 years ago

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3 years ago

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

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