gross profit is 20% of the net sales. calculate the value of net sales, if cogs is 500000
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Answer:yes
Explanation:
Answered by
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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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