FIllmore Company began operations on Sept. 1 by purchasing $6000 of inventory and $600 of cleaning supplies. During the month, the company generated $7500 of sales revenue. On Sept. 30, the company had $2100 of inventory remaining, along with $400 of cleaning supplies. What was FIllmore Company's gross profit for the month of September
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For the computation of gross profit first, we need to determine the cost of goods sold which is shown below:-
Cost of goods sold = Purchases - Ending inventory
= $6,000 - $2,100
Gross profit = Sales - Cost of goods sold
= $7,500 - $3,900
Therefore for computing the FIllmore Company's gross profit for the month of September we simply applied the above formula.
The answer may be c ..