Gross profit on sales is calculated by subtracting
A. sales returns and allowances from sales
B. cost of goods sold from net sales
C. ending inventory from the total merchandise available for sale
D. total expenses from sales
Answer: B
Gross profit on sales is calculated by subtracting
A. sales returns and allowances from sales
B. cost of goods sold from net sales
C. ending inventory from the total merchandise available for sale
D. total expenses from sales
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