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Employing the data below The total revenue during the time period was $719,000. The profit an organization makes after deducting its expenses for producing and marketing its goods is known as gross profit.
Sales revenue less cost of goods sold equals gross profit, which is $1264,000 minus $545,000. This results in $719,000 in profits.
Gross profit is the money a business makes after deducting the costs of producing and selling its goods or the costs of offering its services. By deducting the cost of goods sold (COGS) from revenue, one can determine gross profit, which will show up on a company's income statement (sales). An organization's income statement will contain these numbers. Other names for gross profit include sales profit and gross income.
Generally speaking, fixed costs are not included in gross profit (that is, costs that must be paid regardless of the level of output). Rent, advertising, insurance, salary for those not involved in the production directly, and office supplies are some examples of fixed costs.
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