Searls Corporation,a merchandising company,reported the following results for July: Cost of goods sold is a variable cost in this company. The gross margin for July is:

Question

Searls Corporation,a merchandising company,reported the following results for July:  Cost of goods sold is a variable cost in this company. The gross margin for July is:

Quizplus · Accepted Answer

Gross margin = Net sales - Cost of goods sold 
Net sales = $2,787,000 
Cost of goods sold = $2,087,700 (mentioned in the table)

Therefore, gross margin = $2,787,000 - $2,087,700 = $699,300

Searls Corporation,a Merchandising Company,reported the Following Results for July