find the missing values in the income statement. what is the gross profit? income statement sales $12,900…

find the missing values in the income statement. what is the gross profit? income statement sales $12,900 returns $ (350) net sales $12,550 cogs $ (8,400) gross profit $? overhead $ (2,650) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $12,900 returns $ (350) net sales $12,550 cogs $ (8,400) gross profit $? overhead $ (2,650) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute values

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

Step3: Calculate result

$12,550−$8,400 = $4,150

Answer:

$4,150