find the missing values in the income statement. what is the gross profit? income statement sales $12,000…

find the missing values in the income statement. what is the gross profit? income statement sales $12,000 returns $ (370) net sales $11,630 cogs $ (8,150) gross profit $? overhead $ (2,300) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $12,000 returns $ (370) net sales $11,630 cogs $ (8,150) gross profit $? overhead $ (2,300) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $11,630$, COGS = $8,150$. So, Gross Profit = $11630 - 8150$

Step3: Calculate the result

$11630-8150 = 3480$

Answer:

$3480$