find the missing values in the income statement. what is the gross profit? income statement sales $37,000…

find the missing values in the income statement. what is the gross profit? income statement sales $37,000 returns $ (3,400) net sales $33,600 cogs $ (8,000) gross profit $? overhead $ (5,000) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $37,000 returns $ (3,400) net sales $33,600 cogs $ (8,000) gross profit $? overhead $ (5,000) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $33,600 and COGS = $8,000. So, Gross Profit = $33,600 - $8,000

Step3: Calculate the result

$33,600−$8,000 = $25,600

Answer:

$25,600