Question 1 Gross profit can be described best as: The difference between what the company sold inventory for and what the company bought inventory for - before considering overhead costs. The difference between what the company sold inventory for and what the company bought inventory for - after a reasonable allocation of overhead costs. The difference between what the company sold inventory for and what the company bought inventory as well as the overhead costs. The difference between what the company sold inventory for and what the company bought inventory for after accounting for the income tax expense