Question

net sale=600000,gross profit is 25% on cost .find outgross profit and cost of goods sold​

Answer 1

Answer:

COGS = Net sales - Gross profit

net sale=600000,gross profit is 25% on cost .

let COGS be x

so, gross profit will be 25% of x or 0.25 x

x = 600000 - 0.25x

x + 0.25x = 600000

1.25x = 600000

x = 600000/125 × 100

x or COGS = 480000

Gross profit = 25% of x

GP = 25% × 480000

GP = 120000

hope it helps ..

Answer 2

480,000 = Cost of goods sold

Explanation:

Given:

Net sales = 600,000

Gross profit = 25% on Cost

Computation:

Net sales = Cost of goods sold + Gross profit

Net sales = Cost of goods sold + 25 % of Cost of goods sold

600,000 = Cost of goods sold + 0.25 of Cost of goods sold

600,000 = 1.25 Cost of goods sold

600,000 / 1.25 = Cost of goods sold

480,000 = Cost of goods sold

Net sales = Cost of goods sold + Gross profit

600,000 = 480,000 = Gross profit

120,000 = Gross profit

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