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 = $69,500 and COGS = $18,900. So, Gross Profit = $69,500−$18,900

Step3: Calculate the result

$69,500−$18,900 = $50,600

Answer:

$50,600