Answered: During the current year, merchandise is…

During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of the goods sold is $848,500. What is the amount of the gross profit?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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During the current year,
merchandise is sold for $95,500
cash and $1,315,000 on account.
The cost of the goods sold is
$848,500. What is the amount of
the gross profit?
please show the formula used!

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