Gross profit is the term applied to the excess of net sales over the cost of merchandise sold
This is further explained below.
What is Gross profit?
Generally, The phrase "gross profit" refers to the amount of money gained by subtracting the cost of goods sold from the total amount of revenue earned.
In conclusion, On the income statement of retail and manufacturing businesses, the term "gross profit" refers to the amount of money earned before deducting the costs of running the business.
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