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.)

Question

Dylan Williams

Business

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)

Know the Answer?

Kymani Mosley · Answer 1

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