Determining Cost of Merchandise Sold For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million. What was the amount of Best Buy's cost of merchandise sold? (Enter answer in millions.)

Best Buy's cost of merchandise sold is $31,292 million

Explanation:

Gross profit = income - cost of merchandise

Cost of merchandise = income - gross profit

Income is the reported sales = $40,339 million

Gross profit is the amount left after deducting expenditure (cost) from revenue (income) = $9,047 million

Cost of merchandise = $40,339 million - $9,047 million = $31,292 million

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