Question

calculate gross profit and cost of goods sold from the following information : net sales :900000; gross profits is 20 percentage on cost .​

Answer 1

Answer:

Net sales(RFO)= 900000 Let cost of goods

sold(COGS)=x rupess Then Gross profit (GP) =20% of x And we know that CRFO = RFO - GP

So CRFO + GP = RFO

X+20% of x = 900000

X + 1:5 x= 900000

6x:5=900000

6x=4500000

x=750000

COGS= 750000 GP=150000

Answer 2

Answer:

Cost of Goods Sold = 7,50,000

Gross Profit = 1,50,000

Explanation:

Net Sales = 9,00,000

Gross profits is 20 percentage on ccost

To find :

Gross profit and Cost of Goods Sold

Let,

Cost of Goods Sold = x

• Net Sales = Cost of Goods Sold + Gross Profit

⇒ 9,00,000 = x + 20 % of x

⇒ 9,00,000 = x + 0.2x

⇒ 9,00,000 = 1.2x

⇒ x = 9,00,000 / 1.2

⇒ x = 7,50,000

• Cost of Goods Sold = 7,50,000

• Gross profits is 20 percentage on ccost

So,

7,50,000 × 20 / 100

1,50,000

• Gross Profit = 1,50,000

• Gross Profit = Net sales - Cost of Goods Sold

1,50,000 = 9,00,000 - 7,50,000

Therefore,

Cost of Goods Sold = 7,50,000

Gross Profit = 1,50,000