Calculate the gross profit for Jefferson Company based on the following: $$\begin{array} { | l | r | }
\hline \text { Sales } & \$ 764,000 \
\hline \text { Selling expenses } & 42,500 \
\hline \text { Cost of goods sold } & 538,000 \
\hline
\end{array}$$

Question

Calculate the gross profit for Jefferson Company based on the following: $$\begin{array} { | l | r | } 
\hline \text { Sales } & \$ 764,000 \
\hline \text { Selling expenses } & 42,500 \
\hline \text { Cost of goods sold } & 538,000 \
\hline
\end{array}$$

Quizplus · Accepted Answer

Gross profit is calculated as Sales minus Cost of Goods Sold (COGS). Therefore, Gross Profit = $764,000 - $538,000 = $226,000.

Calculate the Gross Profit for Jefferson Company Based on the Following