If sales revenue is 2523 and cost of goods sold is 1021 calc

If sales revenue is $2,523 and cost of goods sold is $1,021, calculate gross profit and the gross profit percent.

Solution

gross profit=Sales revenue-Cost of goods sold

=(2523-1021)=$1502

gross profit %= gross profit/Sales revenue

=(1502/2523)=59.53%(Approx).