calculate gross profit and cost of goods sold from following information (a) net sales rs 600000. gross profit is 20%of cost (b) answer:gross profit 100000 and cost of goods sold rs 500000
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Explanation:
sales =6,00,000
Gp 20% on cost
conversion of sales to cost of goods sold = sales *100/100+%
= 6,00,000*100/120
cogs = 5,00,000
Gross profit = sales - cost of goods sold
= 6,00,000 - 5,00,000
GP = 1,00,000
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