Cost of Good sold is Rs. 6,43,000 and cost of sales is Rs.7,10,000. Calculate 20% profit on selling price
Answers
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Answer:
Given :-
Gross Profit is 20% of cost of goods sold
Sales are Rs. 1,00,000
\begin{gathered} \\ \end{gathered}
❒ To Find :-
Gross Profit = ?
\begin{gathered} \\ \end{gathered}
❒ Calculation :-
\begin{gathered} \\ \end{gathered}
Let,
The cost of goods sold = Rs. 100
The rate of Gross profit at cost of goods sold is 20%.
∴ Selling price = Rs. (100 + 30) = Rs. 130.
\begin{gathered} \\ \end{gathered}
Hence,
When selling price is Rs. 130, the profit = Rs. 30.
➨ When selling price is Rs. 1, the profit = Rs. \dfrac{30}{130}
130
30
∴ When selling price is Rs. 1,00,000, the profit = Rs. (\dfrac{30}{130}
130
30
× 100000 )
= Rs. 16666.666
= Rs. 16667
\begin{gathered} \\ \end{gathered}
∴ Gross Profit = Rs. 16,667
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Explanation:
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