find the missing values in the income statement. what is the gross profit? income statement sales $12,600…

find the missing values in the income statement. what is the gross profit? income statement sales $12,600 returns $ (320) net sales $12,280 cogs $ (8,100) gross profit $? overhead $ (2,200) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $12,600 returns $ (320) net sales $12,280 cogs $ (8,100) gross profit $? overhead $ (2,200) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $12,280 and COGS = $8,100. So, Gross Profit = $12280−$8100

Step3: Calculate the result

$12280 - 8100=4180$

Answer:

$4,180$