Question

if sales is 2000and the rate of gross profit on cost of goods sold is25% then the cost of goods sold will be​

Answer 1

Answer:

75 percent of gross profit is cost of goods sold

Answer 2

Answer:

1,600 = Cost Of Goods Sold

Explanation:

Given:

Sales = 2,000

Gross profit = 25% of Cost Of Goods Sold

Cost Of Goods Sold = ?

Computation of Cost Of Goods Sold:

Sales = Cost Of Goods Sold + Profit

Sales = Cost Of Goods Sold + 25% of Cost Of Goods Sold

Sales = Cost Of Goods Sold + 0.25 Cost Of Goods Sold

Sales = 1.25 Cost Of Goods Sold

2,000 = 1.25 Cost Of Goods Sold

2,000 / 1.25 = Cost Of Goods Sold

1,600 = Cost Of Goods Sold

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