find the missing values in the income statement. what is the gross profit? income statement sales $ 72,000…

find the missing values in the income statement. what is the gross profit? income statement sales $ 72,000 returns $ (2,500) net sales $ 69,500 cogs $(18,900) gross profit $? overhead $(14,000) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $ 72,000 returns $ (2,500) net sales $ 69,500 cogs $(18,900) gross profit $? overhead $(14,000) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = 69500, COGS = 18900. So, Gross Profit = 69500 - 18900

Step3: Calculate the result

69500−18900 = 50600

Answer:

$50,600