Gross profit is equal to sales less cost of merchandise sold. The selling price of your goods less the cost of manufacturing it is your gross profit. It's the selling price of your service less the cost of the time it took to complete the task for a service-based business.
Total sales (sometimes referred to as revenue or turnover) less the total cost of sales is another term for gross profit. While gross profit is the amount of money left over after deducting the cost of items sold from revenue, net profit shows how much money is left over after paying all allowed business service expenses.
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