find the missing values in the income statement. what is the gross profit? income statement sales $35,000…

find the missing values in the income statement. what is the gross profit? income statement sales $35,000 returns $ (3,750) net sales $31,250 cogs $ (8,800) gross profit $? overhead $ (5,000) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $35,000 returns $ (3,750) net sales $31,250 cogs $ (8,800) 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 = $31,250 and COGS = $8,800. So, Gross Profit = $31,250−$8,800

Step3: Calculate the result

$31,250−$8,800 = $22,450

Answer:

$22,450