   Chapter 15.II, Problem 8RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

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$7.64 million, gross margin is $2.75 million and operating expense is$1.68 million.

 Net Sales Cost of Goods Sold Gross Margin Operating Net Profit $7.64 million$2.75 million $1.68 million Explanation Given Information: The net sales is$7.64 million, gross margin is $2.75 million and operating expense is$1.68 million

Formula used:

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

Cost of goods sold=Net salesGross margin

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

Net profit=Gross marginOperating expense

Calculation:

Consider net sales is $7.64 million, gross margin is$2.75 million and operating expense is $1.68 million. Compute cost of goods sold by substituting gross margin to$2.75 million and net sales to \$7

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