find the missing values in the income statement. what is the gross profit? income statement sales $48,500…

find the missing values in the income statement. what is the gross profit? income statement sales $48,500 returns $ (3,200) net sales $45,300 cogs $ (7,800) gross profit $? overhead $ (6,600) net income $

find the missing values in the income statement. what is the gross profit? income statement sales $48,500 returns $ (3,200) net sales $45,300 cogs $ (7,800) gross profit $? overhead $ (6,600) net income $

Answer

Explanation:

Step1: Recall gross - profit formula

Gross Profit = Net Sales - COGS

Step2: Substitute given values

Net Sales = $45,300 and COGS = $7,800. So, Gross Profit = $45300-7800$

Step3: Calculate the result

$45300 - 7800=37500$

Answer:

$37,500$