Question

the following information calculate the gross profit and cost of goods sold . net sales 600000 gross profit on cost to 20%

Answer 1

Answer:

GP is 100,000 and COGS is 500,000

Answer 2

Gross profit = 1,00,000

Explanation:

Given:

Net sales = 6,00,000

Gross profit = 20% of cost of goods sold

Cost of goods sold = ?

Gross profit = ?

Computation of Cost of goods sold:

Net sales = Cost of goods sold + gross profit

6,00,000 = Cost of goods sold + .20 cost of goods sold

6,00,000 = 1.20 Cost of goods sold

5,00,000 = Cost of goods sold

Net sales = Cost of goods sold + gross profit

6,00,000 = 5,00,000 + gross profit

Gross profit = 1,00,000

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