Gross profit equals
A) sales less operating expenses.
B) gross sales less cost of goods sold.
C) cost of goods sold less operating expenses.
D) net sales less cost of goods sold.

Name: Gross profit equals A) sales less operating expenses. B) gross sales less cost of goods sold. C) cost of goods sold less operating expenses. D) net sales less cost of goods sold.
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Question

Quizplus · Accepted Answer

Gross profit is calculated by subtracting the cost of goods sold (COGS) from net sales.

Gross Profit Equals