What-does-the-cost-of-goods-sold-and-gross-profit-mean- Nursing Writers Hub

This is a journal entry introduction. One page will do it needs to be in APA for
January 13, 2021
Identify the approach that best fits your personal     and professional philosophy of nursing and explain why the approach     is suited to your personal leadership style.
January 13, 2021

What-does-the-cost-of-goods-sold-and-gross-profit-mean- Nursing Writers Hub

Word has gotten around that you know accounting and can explain it well.  Jim, another of your friends has a unique business.  During the summer he buys hats that cost $5.00 each and sells them at the beach for $12.00 each.  Other than the cost of the hat, his only other expense last summer was $120 for parking.  He sold 78 hats last summer.  His accountant prepared a financial statement for him and he has several questions about the income statement.  He asks:
What does the cost of goods sold and gross profit mean?
How much gross profit do I make on each hat?
Why show both gross profit and net income?
If I have hats returned or a give a discount, how will that be shown on the income statement?

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