Question

11. Calculate Gross Profit, if Sales = 6,00,000 cost of goods sold = 4,80,000,
wages = 20,000​

Answer 1

Gross profit=Sales-Cost of goods sold

Hence, Gross profit = 6,00,000 - 4,80,000 = 1,20,000

Answer 2

Gross profit = 1,20,000

Explanation:

Given:

Net Sales = 6,00,000

Cost of goods sold = 4,80,000,

Wages = 20,000​

Computation of cost of goods sold:

Net Sales = Cost of goods sold + Gross profit

Gross profit = Net Sales -  Cost of goods sold

Gross profit = 6,00,000 - 4,80,000

Gross profit = 1,20,000

Therefore , Gross profit for the year is 1,20,000 .

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