CBSE Class 11-commerce Answered
net sales during the year 2011 is 2,85,000. gross profit is 25% on sales. find out COGS
Asked by sobhalatha2468 | 11 Feb, 2019, 12:45: PM
Expert Answer
Gross Profit = Net Sales - Cost of Goods Sold
Also, Gross Profit = Net Sales * Gross Profit Percentage
Using the information given in the question,
Gross Profit = 285000 * 25%
Gross Profit = 285000 * 25%
Gross Profit = 71250
Substituting the values in the following:
Gross Profit = Net Sales - Cost of Goods Sold
71250 = 285000 - Cost of Goods Sold
Cost of Goods Sold = 213750
Answered by Surabhi Gawade | 11 Feb, 2019, 02:42: PM
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