Calculate the gross profit for Jefferson Company based on the following: Sales $764,000 Selling expenses 42,500 Cost of merchandise sold 538,000 a.$721,500 b.$183,500 c.$495,500 d.$226,000
The cost of merchandise sold is same as the cost of goods sold, COGS.
COGS is calculated using the formula , beginning inventory + purchases - closing inventory.
Gross profist is calculated as sales - revenue
= $764,000 - $538,000
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