Question

Calculate gross profit and cost of goods sold from the following information
Net sales. 100000
Gross profit. 100/3% on cost

Answer 1

Answer:smnsjskskkskskx

Explanation:

I don't know the answer

Answer 2

75,000 = Cost of goods sold

25,000 = Gross Profit

Explanation:

Given:

Net sales = 1,00,000

Gross Profit rate(on cost) = (100/3)%

Cost of goods sold = ?

Gross profit = ?

Computation:

Net sales = Gross Profit + Cost of goods sold

Net sales = Cost of goods sold + (100/3)%Cost of goods sold

1,00,000 = Cost of goods sold + 0.3333 Cost of goods sold

1,00,000 = 1.3333 Cost of goods sold

1,00,000 / 1.3333 = Cost of goods sold

75,000 = Cost of goods sold

Net sales = Gross Profit + Cost of goods sold

1,00,000 = Gross profit + 75,000

1,00,000 - 75,000 = Gross Profit

25,000 = Gross Profit

Learn more:

learn about net sales

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