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How do determine what gross profit is

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Reference no: EM132691107

Problem 1: Gross profit is

A. Excess of sales over cost of goods sold

B. Sales less purchases

C. Cost of goods sold + opening inventory

D. Net profit less expenses of the period

Problem 2: To find the value of closing inventory at the end of a period we

A. Do this by physically counting the inventory (i.e. stocktaking)

B. Look in the inventory account

C. Deduct opening inventory from cost of goods sold

D. Deduct cost of goods sold from sales

Reference no: EM132691107

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