Ask Question
23 December, 17:29

CarMax Inc. reports sales of $15,875,118 thousand and cost of sales of $13,691,824 thousand for the year ended February 28, 2017. The gross profit for the year is: A. $2,183,294 thousand B. $1,464,362 thousand C. 86.2% D. 13.8% E. There is not enough information to determine gross profit.

+4
Answers (1)
  1. 23 December, 19:46
    0
    Answer: A. $2,183,294 thousand

    Explanation:

    Gross Profit is calculated by deducting the Cost of Goods sold from the Sales figure.

    In this case therefore the Gross Profit would be,

    Gross Profit = 15,875,118 - 13,691,824

    Gross Profit = $2,183,294 thousand.

    $2,183,294 is the Gross Profit for year therefore Option A is correct.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “CarMax Inc. reports sales of $15,875,118 thousand and cost of sales of $13,691,824 thousand for the year ended February 28, 2017. The gross ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers