Using the following information what is the amount of gross profit Purchases 32000 Selling expense 960 Merchandise inventory September 1 5700 Merchandise inventory September 30 6370 Administrative exp?

Answer 1

To calculate the gross profit, we first need to determine the cost of goods sold (COGS). COGS is calculated as:

COGS = Beginning Inventory + Purchases - Ending Inventory COGS = 5,700 + 32,000 - 6,370 = 31,330

Next, we need to determine the total sales revenue. However, since sales revenue is not provided in the information given, we cannot calculate the gross profit directly. Gross profit is calculated as Sales Revenue - COGS. Without knowing the sales revenue, we can't determine the gross profit.