Question

If net sales is 600000 nd gross profit on cost is 20% . Find gross profit and c.o.g.s ??

Answer 1

G.p 120000
COGS 480000

Answer 2

1,00,000 = Gross profit

5,00,000 = Cost of goods sold

Explanation:

Given:

Net sales = 6,00,000

Gross profit rate (on cost) = 20%

Gross profit = ?

Cost of goods sold = ?

Calculation:

Net sales = Cost of goods sold + Gross profit

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

6,00,000 = Cost of goods sold + 0.2Cost of goods sold

6,00,000 = 1.2 Cost of goods sold

6,00,000 / 1.2 = Cost of goods sold

5,00,000 = Cost of goods sold

Net sales = Cost of goods sold + Gross profit

6,00,000 = 5,00,000 + Gross profit

6,00,000 - 5,00,000 = Gross profit

1,00,000 = Gross profit

Learn more:

Learn about gross profit

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