$ $1,390.000 % 100.0% $574,700 $105,000 100 101 102 Net sales $1,390,000 103 Gross margin $574,700 104 Profit $105,000 105 106 Net Sales Problem One 107 -COGS 108 =GM 109 -Expenses 110 =Profit/Loss 111 11.Skeletal Profit and Loss Statement: Set up skeletal profit and loss statement in both dollars and percentage 112 given the information. 113 Gross margin $535,000 114 Gross margin 25% 115 Expenses $625,000 116 117 Net Sales Problem Two 118 -COGS 119 =GM 120 -Expenses 121 =Profit/Loss 122 123 124 125 $2,140,000 100.0% 25.0% $535,000 $625,000