An accountant for Charger Co. needs help calculating Gross Profit and Net Ince Below is data...

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An accountant for Charger Co. needs help calculating Gross Profit and Net Ince Below is data she pulled as of May 31. All of these amounts are correct. Sales Accounts Receivable Cash Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Cost of Goods Manufactured Selling Expenses Administrative Expenses 550,000 25,000 40,000 15,000 20,000 30,000 110.000 225,000 50,000 75,000 Directions: In the blank #1 below enter your final answer for Gross Profit. (Do NOT show your work, simply enter your final answer and do not include decimals.) In the blank #2 below enter your final answer for Net income. (Do NOT show your work, simply enter your final answer and do not include decimals.) Blank # 1. Blank #2 An accountant for Charger Co. needs help calculating Gross Profit and Net Ince Below is data she pulled as of May 31. All of these amounts are correct. Sales Accounts Receivable Cash Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Cost of Goods Manufactured Selling Expenses Administrative Expenses 550,000 25,000 40,000 15,000 20,000 30,000 110.000 225,000 50,000 75,000 Directions: In the blank #1 below enter your final answer for Gross Profit. (Do NOT show your work, simply enter your final answer and do not include decimals.) In the blank #2 below enter your final answer for Net income. (Do NOT show your work, simply enter your final answer and do not include decimals.) Blank # 1. Blank #2

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To calculate the Gross Profit we need to subtract the Cost of Goods Sold from the Sales Gr... View the full answer