Can anyone assist me with this?
I’m trying to calculate Net Sales minus COGS (Cost of Goods Sold), but I ended up with $55,000.
Here’s what I have:
– Net Sales: $164,000
– COGS: $109,000
Can someone help me figure out where I went wrong? Thanks!
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Someone help me with this?
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One response
It looks like you’re on the right track with your calculation. To find the Gross Profit, you subtract COGS from Net Sales. Here’s the formula you should be using:
Gross Profit = Net Sales – COGS
So in your case, it would look like this:
Gross Profit = $164,000 – $109,000 = $55,000
If you’re getting $55,000 as your result, that seems correct based on the numbers you’ve provided. If you have any specific details or additional questions, feel free to share!