A company reported the following information for the month of July:
$$\begin{array} { | l | r | }
\hline \text { Sales } & \$ 50,475 \
\hline \text { Sales discounts } & 1,235 \
\hline \text { Sales returns and allowances } & 2,840 \
\hline \text { Cost of goods sold } & 33,975 \
\hline
\end{array}$$
Required: Calculate this company's gross profit.

Question

A company reported the following information for the month of July:
 $$\begin{array} { | l | r | } 
\hline \text { Sales } & \$ 50,475 \
\hline \text { Sales discounts } & 1,235 \
\hline \text { Sales returns and allowances } & 2,840 \
\hline \text { Cost of goods sold } & 33,975 \
\hline
\end{array}$$ 
Required: Calculate this company's gross profit.

Quizplus · Accepted Answer

The Answer of A company reported the following information for the month of July:
 $$\begin{array} { | l | r | } 
\hline \text { Sales } & \$ 50,475 \
\hline \text { Sales discounts } & 1,235 \
\hline \text { Sales returns and allowances } & 2,840 \
\hline \text { Cost of goods sold } & 33,975 \
\hline
\end{array}$$ 
Required: Calculate this company's gross profit.

A Company Reported the Following Information for the Month of July