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The items that are NOT accurately reflected in the calculation of gross profit are:
C – Gain on sale D – Interest income E – Salary expense
The calculation of gross profit only includes the net sales and cost of goods sold. It does not include gains on sale, interest income, or salary expenses.
Answer ( 1 )
Please briefly explain why you feel this answer should be reported .
The items that are NOT accurately reflected in the calculation of gross profit are:
C – Gain on sale D – Interest income E – Salary expense
The calculation of gross profit only includes the net sales and cost of goods sold. It does not include gains on sale, interest income, or salary expenses.