Complete the financial statement shown in the table. Quarterly Financials Income statement (dollar amounts in millions)Quarter ending Mar 00 Quarter ending Dec 99 Revenue $1,323.80 $1,513.20 Cost of goods sold $460.20 $780.70 Gross profit ? ?
A)Gross profit $863.60 $732.50
B)Gross profit $1,784.00 $2,293.90
C)Gross profit $873.80 $722.30

Question

Quizplus · Accepted Answer

To calculate the gross profit, we need to subtract the cost of goods sold from revenue.

For the quarter ending Mar 00: 
Gross profit = Revenue - Cost of goods sold 
Gross profit = $1,323.80 - $460.20 
Gross profit = $863.60

For the quarter ending Dec 99: 
Gross profit = Revenue - Cost of goods sold 
Gross profit = $1,513.20 - $780.70 
Gross profit = $732.50

Therefore, the best choice is A, which shows the correct gross profits for both quarters.

Complete the Financial Statement Shown in the Table