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If the closing inventory is valued at $10,000 and the cost of goods sold is $40,
If the closing inventory is valued at $10,000 and the cost of goods sold is $40,000, what is the gross profit if sales are $60,000?
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Practice Questions
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Q1
If the closing inventory is valued at $10,000 and the cost of goods sold is $40,000, what is the gross profit if sales are $60,000?
$20,000
$10,000
$30,000
$50,000
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Gross Profit is calculated as Sales minus Cost of Goods Sold, which is $60,000 - $40,000 = $20,000.
Questions & Step-by-step Solutions
1 item
Q
Q: If the closing inventory is valued at $10,000 and the cost of goods sold is $40,000, what is the gross profit if sales are $60,000?
Solution:
Gross Profit is calculated as Sales minus Cost of Goods Sold, which is $60,000 - $40,000 = $20,000.
Steps: 6
Show Steps
Step 1: Identify the total sales amount, which is $60,000.
Step 2: Identify the cost of goods sold (COGS), which is $40,000.
Step 3: Use the formula for gross profit: Gross Profit = Sales - Cost of Goods Sold.
Step 4: Substitute the values into the formula: Gross Profit = $60,000 - $40,000.
Step 5: Calculate the result: $60,000 - $40,000 = $20,000.
Step 6: The gross profit is $20,000.
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