A company has sales of $695,000 and cost of goods sold of $278,000.Its gross profit (loss)equals:

Name: A company has sales of $695,000 and cost of goods sold of $278,000.Its gross profit (loss)equals:
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Question

Quizplus · Accepted Answer

Gross profit is calculated by subtracting the cost of goods sold from the sales revenue. 
Gross Profit = Sales - Cost of Goods Sold 
Gross Profit = $695,000 - $278,000 
Gross Profit = $417,000 
Therefore, the correct answer is D, which is $417,000.

A Company Has Sales of $695,000 and Cost of Goods