Using the information below,calculate gross profit for the period.
A)$714,000.
B)$482,000.
C)$1,022,000.
D)$187,000.
E)$727,000.

Question

Using the information below,calculate gross profit for the period. 
A)$714,000. 
B)$482,000. 
C)$1,022,000. 
D)$187,000. 
E)$727,000.

Quizplus · Accepted Answer

Gross profit is calculated by subtracting the cost of goods sold from the total revenue. In this case, the total revenue is $2,310,000 and the cost of goods sold is $1,596,000. Therefore, gross profit is $2,310,000 - $1,596,000 = $714,000.

Using the Information Below,calculate Gross Profit for the Period