Question

Suppose Old Oak Winery Old Oak Winery had sales of ​$ 310 comma 000 310,000 and sales returns of ​$ 36 comma 000 36,000. Cost of goods sold was $ 162 comma 000. $162,000. How much gross profit did Old Oak Winery Old Oak Winery ​report?

Answer 1

• Gross Profit to be reported = Net Sales – Cost of Goods Sold

Sales	$          310,000.00
Less: Sales Return	$            36,000.00
Net Sales	$          274,000.00
Cost of Goods Sold	$          162,000.00
Gross Profit to be reported	$          112,000.00 = ANSWER

• Old Oak Winery report Gross Profit of $ 112,000