find the missing values in the income statement. what is the gross profit?\nincome statement\nsales…

find the missing values in the income statement. what is the gross profit?\nincome statement\nsales $29,000\nreturns $ (3,300)\nnet sales $25,700\ncogs $ (3,200)\ngross profit $?\noverhead $ (3,200)\nnet income $

find the missing values in the income statement. what is the gross profit?\nincome statement\nsales $29,000\nreturns $ (3,300)\nnet sales $25,700\ncogs $ (3,200)\ngross profit $?\noverhead $ (3,200)\nnet income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $25,700 and COGS = $3,200. So, Gross Profit = $25700-3200$

Step3: Calculate the result

$25700 - 3200=22500$

Answer:

$22,500$