Gross Profit=168000
Working notes for the above answer is under
Gross Profit
= Total sales -Cost of Goods sold
Now we put the figures in to the formulla as follow
| Sales Revenue | $560,000 |
| Less: | |
| Sales Discounts | ($28,000) |
| Sales Return and Allowances | ($19,000) |
| Net Sales | $513,000 |
| Less: | |
| Cost of Goods Sold | 345,000 |
| Gross Profit | 168000 |
= Total sales -Cost of Goods sold
=513000- 345000
=168000
