CBSE Class 11-commerce Answered
Calculate Net Sales and Gross Profit from the following information:-
Coat of goods sold Rs.200000, Gross Profit20%on sales
Asked by smartyboy9868030770 | 14 Mar, 2019, 07:41: PM
Expert Answer
As per the cost accounting concept, if Gross Profit on Sales is 20%, then the Gross Profit on Cost is 25%
Therefore,
Gross Profit = Cost of Goods Sold x 25% = 200000 x 25% = 50000
Net Sales = Cost of Goods Sold + Gross Profit = 200000 + 50000 = 250000
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