The gross profit equation is:
A) (Sales + Sales returns & allowances) - Cost of goods sold = Gross profit
B) (Sales + Sales discounts) - Cost of goods sold = Gross profit
C) (Sales - Sales returns & allowances - Sales discounts) - Cost of goods sold = Gross profit
D) (Sales - Sales returns & allowances - Sales discounts) + Cost of goods sold = Gross profit
Correct Answer:
Verified
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