find the missing values in the income statement. what is the gross profit? income statement sales $23,500…

find the missing values in the income statement. what is the gross profit? income statement sales $23,500 returns $ (1,700) net sales $21,800 cogs $ (8,800) gross profit $? overhead $ (2,400) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $23,500 returns $ (1,700) net sales $21,800 cogs $ (8,800) gross profit $? overhead $ (2,400) net income $

Answer

Explanation:

Step1: Recall gross profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $21,800$, COGS = $8,800$. So, Gross Profit = $21800 - 8800$

Step3: Calculate the result

$21800-8800 = 13000$

Answer:

$13,000$