Calculate Net Sales and G.P. from the following:
Cost of Goods Sold
34,50,000
25% on sales
G.P.
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1
Answer:
GP =3
Explanation:
Credit Sales = 3,00,000
Cash sales = 25% of Credit Sales
Total Sales = Cash Sales + Credit Sales
= 3,00,000 + 75,000 = 3,75,000
Gross Profit = 20% on Sales
Cost of Goods Sold = Total Sales − Gross Profit
= 3,75,000 − 75,000 = 3,00,000
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