find the missing values in the income statement. what is the gross profit? income statement sales $12,850…

find the missing values in the income statement. what is the gross profit? income statement sales $12,850 returns $ (370) net sales $12,480 cogs $ (8,200) gross profit $? overhead $ (2,350) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $12,850 returns $ (370) net sales $12,480 cogs $ (8,200) gross profit $? overhead $ (2,350) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $12,480, COGS = $8,200. So, Gross Profit = $12480 - 8200$

Step3: Calculate the result

$12480−8200 = 4280$

Answer:

$4,280$