find the missing values in the income statement. what is the gross profit?\nincome statement\nsales…

find the missing values in the income statement. what is the gross profit?\nincome statement\nsales $12,900\nreturns $ (350)\nnet sales $12,550\ncogs $ (8,400)\ngross profit $?\noverhead $ (2,650)\nnet income $

find the missing values in the income statement. what is the gross profit?\nincome statement\nsales $12,900\nreturns $ (350)\nnet sales $12,550\ncogs $ (8,400)\ngross profit $?\noverhead $ (2,650)\nnet income $

Answer

Explanation:

Step1: Recall gross profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $12,550, COGS = $8,400. So, Gross Profit = $12,550 - $8,400

Step3: Calculate result

$12,550 - $8,400 = $4,150

Answer:

$4,150