Question

If sales is 2000Rs and the rate of gross profit on cost of goods sold is 25%, then the cost of goods sold will be:- ​

Answer 1

Answer:

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Explanation:

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Answer 2

Explanation:

• Sales is Rs. 2,000
• Rate of Gross Profit = 25% on Cost of Goods Sold

• Cost ofGoods Sold = ??

Solution :

Let,

• Cost of Goods Sold = x

Sales = Cost of Goods Sold + Gross Profit

2,000 = x + 0.25x

2,000 = 1.25x

1.25x = 2,000

x = 2,000/1.25

x = 1,600

Cost of Goods Sold = Rs. 1,600

OR :

Let,

Cost be 100

Gross Profit on Cost = 100 × (25/100) = 25

Sales = Cost + Gross Profit

125 = 100 + 25

Gross Profit on Sales = (25/125) × 100 = 20%

Gross Profit on Sales = (20/100) × 2,000

Gross Profit on Sales = 400

Cost of Goods Sold = Net Sales - Gross Profit

Cost of Goods Sold = 2,000 - 400

Cost of Goods Sold = Rs. 1,600

Therefore, The Cost Of Goods Sold will be Rs. 1,600.