Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest expense was $16,000; research and development expenses were $34,000; net cash provided by operating activities was $42,000; income tax expense was $10,000; cost of goods sold was $220,000. Gross profit for the period was:

Question

Quizplus · Accepted Answer

Gross profit is calculated as net sales minus cost of goods sold. Therefore, $390,000 (net sales) - $220,000 (cost of goods sold) = $170,000.

Selling, General, and Administrative Expenses Were $80,000; Net Sales Were