Question

If sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are $60,000, what is the gross profit? A) $400,000 B) $30,000 C) $340,000 D) $90,000

Answer 1

The gross profit is $30,000.

Step-by-step explanation:

Gross profit is calculated by subtracting the cost of goods sold and operating expenses from sales revenue. In this case, sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are $60,000. So, gross profit = $400,000 - ($310,000 + $60,000) = $30,000.