Question

the total revenue is $3,000 cost of goods and is $1500 and total selling expense is $500 what is the profit for the business

Answer 1

$1,000 IS THE PROFIT FOR THE BUSINESS.

Total Revenue                          3000    
Less:
Cost of Goods                 1500              
Total Selling Expenses    500  (2000)   
Net Profit                                  1000

In selling goods, total revenue is equivalent to the total sales of the goods.
Cost of goods involves the direct materials, direct labor, and variable overhead involved in producing or manufacturing the goods sold.
Selling Expenses are expenses incurred to sell the product, it includes the salaries and wages of personnel under the sales department, advertising costs, and other expenses incurred to sell the goods.