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Answer Posted / deepak choudhary
Gross profit is the difference between Sales and Cost of Sales. Cost of Sales is the purchase price of the goods to be sold together with the cost of getting them ready for sale.
eg A manufacturer would charge production labour and some overheads to Gross Profit.
Net profit remains after all expenses except for profit tax have been charged to the gross profit. These may include Staff salaries, rent, rates, motor expenses, auditors' remuneration etc.
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