Bill's business has sales of $100,000,inventory of $20,000,cost of goods sold of $31,000,and general and administrative expenses of $45,000.Bill's gross profit is $69,000.

Question

Quizplus · Accepted Answer

Gross profit is calculated by subtracting the cost of goods sold from sales. 
Gross Profit = Sales - Cost of Goods Sold 
Gross Profit = $100,000 - $31,000 = $69,000 
Therefore, Bill's gross profit is $69,000 as given in the question.

Bill's Business Has Sales of $100,000,inventory of $20,000,cost of Goods