Question

Net Sales during the year 2020-21 is ₹2,85,000 and GP is 25% on sales. Find out Cost of Goods sold.

Answer 1

Answer:

Gross Profit = Net Sales - Cost of Goods Sold

Also, Gross Profit = Net Sales * Gross Profit Percentage

Using the information given in the question,

Gross Profit = 285000 * 25%

Gross Profit = 71250

 

Substituting the values in the following:

Gross Profit = Net Sales - Cost of Goods Sold

71250 = 285000 - Cost of Goods Sold

Cost of Goods Sold = 213750

Explanation:

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Answer 2

Answer:

Cost Of Goods Sold is ₹ 2,13,750

Explanation:

Given :

• Net Sales = ₹ 2,85,000

• GP is 25% on Sales

To find :

• Cost of Goods sold

Solution :

Gross Profit = Net Sales - Cost Of Goods Sold

★ According to the Question :

Gross Profit = 25 % on Sales

So,

Net Sales = ₹ 2,85,000

$\longrightarrow{\sf{2,85,000 \: \times \: \dfrac{25}{100}}}$

$\longrightarrow$ 71,250

Gross Profit = ₹ 71,250

Gross Profit = Net Sales - Cost Of Goods Sold

71,250 = 2,85,000 - Cost Of Goods Sold

Cost Of Goods Sold = 2,85,000 -

71,250

Cost Of Goods Sold = 2,13,750

∴ Cost Of Goods Sold is ₹ 2,13,750