Evening Story Corporation has sales of $4,383,257; income tax of $557,691; the selling, general and administrative expenses of $296,793; depreciation of $363,135; cost of goods sold of $2,501,364; and interest expense of $174,946

Finance Aug 23, 2020

Evening Story Corporation has sales of $4,383,257; income tax of $557,691; the selling, general and administrative expenses of $296,793; depreciation of $363,135; cost of goods sold of $2,501,364; and interest expense of $174,946. Calculate the amount of the firm's gross profit.

Expert Solution

Computation of the firm's gross profit:-

Gross profit = Sales - Cost of goods sold

= $4,383,257 - $2,501,364

= $1,881,893

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