Refer to X.Bonds Company.If the income statement were prepared in a multiple-step format,gross profit would be:

Name: Refer to X.Bonds Company.If the income statement were prepared in a multiple-step format,gross profit would be:
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Gross profit is calculated as sales revenue minus cost of goods sold. In this case, sales revenue is $400,000 and cost of goods sold is $160,000, so gross profit is $400,000 - $160,000 = $240,000.