Question

Net sales rs.1,20,000 Sales Return rs.20,000 Gross profit 20% on cost. Calculate cost of sales and Gross profit.​

Answer 1

Explanation:

cost of sales = n s-s r

120000-20000

=100000

g p =100000×20/100

20000

Answer 2

1,00,000 = Cost of goods sold

20,000 = Gross Profit

Explanation:

Given:

Sales = 1,20,000

Sales return = 20,000

Gross Profit = 20% ( on cost )

Cost of goods sold = ?

Gross Profit = ?

Computation of Cost of Goods sold:

Net sales = Cost of goods sold + Gross Profit

1,20,000 = Cost of goods sold + 20% of Cost of goods sold

1,20,000 = Cost of goods sold + 0.20 Cost of goods sold

1,20,000 = 1.20 Cost of goods sold

1,20,000 / 1.20 = Cost of goods sold

1,00,000 = Cost of goods sold

Computation of Gross profit

Net sales = Cost of goods sold + Gross Profit

1,20,000 = 1,00,000 + Gross profit

1,20,000 - 1,00,000 = Gross profit

20,000 = Gross Profit

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