find the missing values in the income statement. what is the gross profit? income statement sales $12,000…

find the missing values in the income statement. what is the gross profit? income statement sales $12,000 returns $ (370) net sales $11,630 cogs $ (8,150) gross profit $ ? overhead $ (2,300) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $12,000 returns $ (370) net sales $11,630 cogs $ (8,150) gross profit $ ? overhead $ (2,300) net income $

Answer

Answer:

$3,480

Explanation:

Step1: Recall gross profit formula

Gross\ Profit = Net\ Sales - COGS

Step2: Substitute given values

Net\ Sales = 11630, COGS = 8150 Gross\ Profit=11630 - 8150

Step3: Calculate result

Gross\ Profit = 3480$