The following data is available: $$\begin{array} { | r | r | }
\hline \text { Net sales, first month } & \$ 13,000 \
\hline \text { Normal gross profit } & 45 \% \
\hline \text { Beginning inventory } & 8,000 \
\hline \text { Net purchases } & 7,000 \
\hline
\end{array}$$
- Using the gross profit method,the amount of Gross profit would be:

Question

The following data is available: $$\begin{array} { | r | r | } 
\hline \text { Net sales, first month } & \$ 13,000 \
\hline \text { Normal gross profit } & 45 \% \
\hline \text { Beginning inventory } & 8,000 \
\hline \text { Net purchases } & 7,000 \
\hline
\end{array}$$
- Using the gross profit method,the amount of Gross profit would be:

Quizplus · Accepted Answer

The gross profit is 45% of net sales, which is $13,000 * 0.45 = $5,850.

The Following Data Is Available - Using the Gross Profit Method,the Amount of Gross Profit