Question

Sales 1,20,000 ; Sales Returns 30,000

Cost of goods sold 54,000. Gross Profit = ----------.

(a) 36,000 (b) 38,000 (c) 42,000 (d) 66,000 ​

Answer 1

Answer:

cost = sales - profit

54,000 = (1,20,000 - 30,000) - profit

54,000 = 90,000 - profit

profit = 90,000 - 54,000

profit = 36,000