Explain Gross Profit
Give a brief introduction of the term ‘Gross Profit’?
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Gross Profit is a company’s revenue subtracts its cost of goods sold. It is also termed as gross income and gross margin. It is computed through subtracting all costs related to sales that is, manufacturing expenditures, raw materials, labor, and advertisement and selling expenditures from sales. It is a sign of the managements’ effectiveness to use labor and material in the production procedure.
Gross Profit = Net Sales – Cost of Goods Sold
The following information is taken from the financial statements of an entity: 20x6 20x5 Property, plant and equipment $4,100,000 $3,600,000 Accumulated depreciation (1,400,000) (1,050,000) Depreciation expense 650,000 Gain on disposal of PPE 35,000 The asset disposed of had a cost of $400,000
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