Question

gross profit is 20% of the net sales. calculate the value of net sales, if cogs is 500000​

Answer 1

Answer:yes

Explanation:

Answer 2

Net sales = 625,000

Explanation:

Given:

Gross profit = 20% of net sales

Cost of goods sold = 500,000

Net sales = ?

Computation of net sales:

Net sales = Cost of goods sold + Gross profit

Net sales = Cost of goods sold + 20% (Net sales)

Net sales = Cost of goods sold + 0.20 Net sales

Net sales - 0.20 Net sales = Cost of goods sold

Net sales - 0.20 Net sales = 500,000

0.80 Net sales = 500,000

Net sales = 625,000

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