Question

Calculate gross profit and cost of goods sold from the following information Net sales = ₹1,00,000 Gross profit is 33⅓%on cost

Answer 1

Explanation:

Let the cost of Revenue from operations be x.

Gross Profit =100x/3.

Cost of Revenue from operations = Revenue from operations-Gross Profit.

x= 100000-100x/3

103x/100=100000

103x=10000000

x=97087.37

Answer 2

Gross Profit = 25,000

Cost of Goods Sold = 75,000

Explanation:

Given:

Net sales = 1,00,000

Gross Profit rate = 33⅓%on cost

Calculation:

Gross Profit = Sales * [Gross profit rate / (100+Gross profit rate)]

                   = 100,000 * [33.334/100+33.334]

                   = 25,000

Cost Of Goods Sold = Sales - Gross Profit

                                 = 100,000 - 25,000

                                 =75,000

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