during the current year, merchandise is sold for $156,600 cash and $426,400 on account. the cost of merchandise sold is $460,600. what is the amount of the gross profit? $fill in the blank 1

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15-11-2022
Business

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during the current year, merchandise is sold for $156,600 cash and $426,400 on account. the cost of merchandise sold is $460,600. what is the amount of the gross profit? $fill in the blank 1

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febyyyvaalentina febyyyvaalentina · Answer 1 · 2022-11-19T15:04:04+01:00

The amount of the gross profit is $122,400.

Gross profit means the value a business creates after subtracting all the costs that are connect to manufacturing and selling its products or services.

To determine the gross profit we should find the amount of total sales using this formula below:

Total sales = Merchandise sold in cash + Merchandise on account

Total sales = $156,600 + $426,400

Total sales = $583,000

After we find the amount of total sales, then we can calculate the gross profit use this formula below:

Gross profit = Total sales - Cost of merchandise sold

Gross profit = $583,000 - $460,600

Gross profit = $122,400

Hence, the amount of the gross profit is $122,400.

Learn more about the gross profit at https://brainly.com/question/18567528

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