find the missing values in the income statement. what is the gross profit? income statement sales $12,850…

find the missing values in the income statement. what is the gross profit? income statement sales $12,850 returns $ (370) net sales $12,480 cogs $ (8,200) gross profit $? overhead $ (2,350) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $12,850 returns $ (370) net sales $12,480 cogs $ (8,200) gross profit $? overhead $ (2,350) net income $

Answer

Answer:

$4,280

Explanation:

Step1: Recall gross - profit formula

Gross\ Profit = Net\ Sales - COGS

Step2: Substitute given values

Net\ Sales = 12480, COGS = 8200 Gross\ Profit=12480 - 8200

Step3: Calculate result

12480-8200 = 4280