Question

Net purchases – rs. 36,000; net sales – rs. 38,000; sales return – rs. 3,000;cost of goods sold – rs. 30,000what is the amount of gross profit?

Answer 1

3000 is the answer haha

Answer 2

Given:

Net purchases=Rs.36,000; Net sales=Rs. 38,000; Sales return=Rs. 3,000; Cost of goods sold=Rs.30,000

To find:

The amount of gross profit

Solution:

The required profit is Rs.5,000.

We can obtain the required gross profit by using the following process-

The required gross profit=Amount of revenue-cost of goods sold.

Now, the revenue can be calculated by subtracting the sales return from the total sales.

The amount of revenue=Sales-sales return

Using the values, we get

=38,000-3,000

=Rs.35,000

We will simply subtract the values now.

The required gross profit=35,000-30,000

=Rs.5,000

Therefore, the required profit is Rs.5,000.