At Lexi Corp., sales revenue is $20 million, the cost of goods sold is $14 million, operating expenses are $3 million, and income taxes are $1 million. What is the company's gross profit?

Name: At Lexi Corp., sales revenue is $20 million, the cost of goods sold is $14 million, operating expenses are $3 million, and income taxes are $1 million. What is the company's gross profit?
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Question

Quizplus · Accepted Answer

Gross profit is calculated as sales revenue minus the cost of goods sold. Therefore, $20 million - $14 million = $6 million.