Evening Story Corporation has sales of $4,897,218; income tax of $342,472; the selling, general and administrative expenses of $283,095

Evening Story Corporation has sales of $4,897,218; income tax of $342,472; the selling, general and administrative expenses of $283,095; depreciation of $394,712; cost of goods sold of $2,453,113; and interest expense of $138,704. Calculate the amount of the firm’s gross profit.

Expert Solution

Gross profit excludes all operating expenses Such as interest expense, taxes, rent etc.

Calculation of gross profit

Gross profit = sales – cost of goods sold

= $4897218 – $2453113

= $2444105

The firms gross profit is $2444105

jeff jeffy answered 2 years ago

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