A company reported the following information for the month of July: Sales$50,475Sales discounts 1,235Sales returns and allowances2,840Cost of goods sold33,975Required: Calculate this company's gross profit.
What will be an ideal response?
| Sales | $50,475 | ? |
| Less: Sales discounts | (1,235) | ? |
| Less: Sales returns and allowances | (2,840) | ? |
| Net sales | $46,400 | ? |
| Less: Cost of goods sold | (33,975) | ? |
| Gross profit | $12,425 | ? |
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