Everything about Gross Profit totally explained
In accounting,
Gross profit or
sales profit or
gross operating profit is the difference between
revenue and the cost of making a product or providing a service, before deducting
overheads,
payroll,
taxation, and
interest payments.
Net sales are calculated:
» Net sales = Sales – Sales returns and allowances
Gross profit is found by deducting the cost of goods sold:
» Gross profit = Net sales – Cost of goods sold
Gross profit shouldn't be confused with net income:
» Net income = Gross profit – Total operating expenses
Cost of goods sold is calculated differently for merchandising business than for a
manufacturer.
Further Information
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