Question

Sales during the year ended 31st March ,2021 was  12,00,000 and return inward was 2,00,000.Gross profit is 25% on cost .Find out Gross Profit and Cost of goods sold.​

Answer 1

Answer:

This can be formulated as:

Sales - Cost of goods sold = Gross Profit

If  sales is Rs.100

Then Gross Profit becomes Rs.25 (25% of sales)

Cost of Goods sold will be Rs.75 (Rs.100-Rs.25)

Cost of goods sols is equal to 75% of sales

Sales =Cost of goods sold/75%

Sales=Rs.100000

Explanation:

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Answer 2

Answer:

Explanation:

Sale = 10,00,000 [ 12,00,000 - 2,00,000 ]

Gross profit = 25% on cost

If Cost is ₹ 100, Gross Profit  and Sales = ₹ 125

Gross profit = 10,00,000 × ²⁵/₁₂₅ = 2,00,000

Cost of goods sold = Sale - Gross profit

COGS = 10,00,000 - 2,00,000