Gross profit is: The amount left over after cost of goods sold is subtracted from net sales. A.Net sales less operating expenses. B.Sales less sales discount. C.less sales discounts. D.Net sales less selling expenses
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Gross profit is:
The amount left over after cost of goods sold is subtracted from net sales.
A.Net sales less operating expenses.
B.Sales less sales discount.
C.less sales discounts.
D.Net sales less selling expenses
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- How do you calculate the markup on cost of goods sold? Is the markup pure profit? Explain.Gross profit will result if: O Sales revenues are greater than operating expenses. Operating expenses are greater than cost of goods sold. Sales revenues are greater than cost of goods sold. O Operating expenses are less than net income.To arrive at gross profit, cost of goods sold is subtracted from the total of sales minus sales returns plus sales discounts True False
- Gross profit is the gross sales price charged for the goods sold A.True B.False1.Which of the following may not result to the amount of cost of sales? a.Net purchases less net increase in inventory b.Net decrease in inventory plus net purchases c.Total goods available for sale less beginning inventory d.Total goods available for sale less ending inventoryoperating income is: a- net sales less cost of goods sold b- earning before interset and tax c- earning before tax and nonrecurring items d- gross profit less operating expenses
- Contrast the income statement effect of LIFO versus FIFO(on Cost of Goods Sold and Gross Profit) when ( a ) costsare rising and ( b ) costs are falling.12.Gross profit will result if: a. Sales revenue are greater than cost of goods sold. b. Operating expenses are greater than cost of goods sold. c. Operating expenses are less than net income. d. Sales revenue are greater than operating expensesWhat is the term applied to the excess of revenue from sales over the Cost of Merchandise Sold? a. net income Ob. gross sales Oc. gross profit Od. income from operations
- How to calculate the gross profit for merchandise business? A. Total Sales minus all the operating expenses. O B. Total Sales minus the Total purchase cost C. Net Sales minus all the operating expenses D. Net Sales minus the COGSGross profit is calculated as the difference between net sales revenue and ________. A. cost of merchandise inventory B. purchase expense C. cost of goods sold D. operating expenses2. Which of the following may not result to the amount of cost of sales? a. Net purchases less net increase in inventory. b. Net decrease in inventory plus net purchases. c. Total goods available for sale less beginning inventory. d. Total goods available for sale less ending inventory. 3. Which of the following is equal to the cost of goods sold? a. net purchases plus the excess of ending inventory over beginning inventory. b. total goods available for sale plus ending inventory. c. net purchases minus the increase in inventory. d. net purchases minus the decrease in inventory.