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Michael uses its periodic inventory system and the following information is available:

-What is the gross profit?
A)$ 9,800
B)$33,600
C)$32,200
D)$43,400

Question

[The following information applies to the questions displayed below.]
Michael uses its periodic inventory system and the following information is available:
 
-What is the gross profit?
A)$ 9,800 
B)$33,600 
C)$32,200 
D)$43,400

Quizplus · Accepted Answer

Gross profit can be calculated as net sales minus cost of goods sold. Therefore, gross profit is $43,800 - ($23,500 + $10,500) = $9,800.

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