Chapter 15.II, Problem 8RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the missing information based on the format of the income statement.

Net Sales |
Cost of Goods Sold |
GrossMargin |
OperatingExpenses |
Net Profit |
||||||

8. | $7.64 million | $2.75 million | $1.68 million |

To determine

**To calculate:** The cost of goods sold and net profit if net sales is

Net Sales |
Cost of Goods Sold |
Gross Margin |
Operating |
Net Profit |

Explanation

**Given Information:**

The net sales is

**Formula used:**

The cost of goods sold is computed by subtracting gross margin from net sales.

The net profit is computed by subtracting operating expense from gross margin.

**Calculation:**

Consider net sales is

Compute cost of goods sold by substituting gross margin to

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