find the missing values in the income statement. what is the gross profit? income statement sales $12,800…

find the missing values in the income statement. what is the gross profit? income statement sales $12,800 returns $ (360) net sales $12,440 cogs $ (8,000) gross profit $? overhead $ (2,500) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $12,800 returns $ (360) net sales $12,440 cogs $ (8,000) gross profit $? overhead $ (2,500) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $12440$, COGS = $8000$. So, Gross Profit=$12440 - 8000$

Step3: Calculate the result

$12440-8000 = 4440$

Answer:

$4440$