Answer:
The gross profit amount is $186,700
Explanation:
The formula for gross profit is Gross profit = Total revenue - cost of goods sold.
In this question we are given the cost of goods sold which is $435,700.
In order to find the revenue we need to find total sales. We know that 101,200 was sold on cash and 521,000 on account so if we add these 2 we will have total sales. 521,200+101,200=622,400
Now that we have the total sales and cost of goods sold we will put these numbers in the formula to find the gross profit.
Gross profit = 622,400-435,700=186,700
