find the missing values in the income statement. what is the gross profit? income statement sales $23,000…

find the missing values in the income statement. what is the gross profit? income statement sales $23,000 returns $ (3,700) net sales $19,300 cogs $ (7,500) gross profit $? overhead $ (4,500) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $23,000 returns $ (3,700) net sales $19,300 cogs $ (7,500) gross profit $? overhead $ (4,500) net income $

Answer

Explanation:

Step1: Recall gross profit formula

Gross\ Profit = Net\ Sales - COGS

Step2: Substitute given values

Net\ Sales = 19300, COGS = 7500. So, Gross\ Profit=19300 - 7500

Step3: Calculate result

19300-7500 = 11800

Answer:

$11,800$