find the missing values in the income statement. what is the gross profit? income statement sales $ 600,000…

find the missing values in the income statement. what is the gross profit? income statement sales $ 600,000 returns $ (25,000) net sales $ 575,000 cogs $ (150,000) gross profit $? overhead $ (100,000) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $ 600,000 returns $ (25,000) net sales $ 575,000 cogs $ (150,000) gross profit $? overhead $ (100,000) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $575000$, COGS = $150000$. So, Gross Profit = $575000-150000$

Step3: Calculate result

$575000 - 150000=425000$

Answer:

$425000$