Ask Question
15 August, 21:00

Determining Cost of Merchandise Sold For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million. What was the amount of Best Buy's cost of merchandise sold? (Enter answer in millions.)

+2
Answers (1)
  1. 15 August, 21:10
    0
    Best Buy's cost of merchandise sold is $31,292 million

    Explanation:

    Gross profit = income - cost of merchandise

    Cost of merchandise = income - gross profit

    Income is the reported sales = $40,339 million

    Gross profit is the amount left after deducting expenditure (cost) from revenue (income) = $9,047 million

    Cost of merchandise = $40,339 million - $9,047 million = $31,292 million
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Determining Cost of Merchandise Sold For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers