During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost of the merchandise sold is $88,600.What is the amount of the gross profit?

Gross profit represent the excess amount of revenue over the cost of merchandise sold.

Answered: During the current year, merchandise is…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost of the merchandise sold is $88,600. What is the amount of the gross profit?