Net sales during the year 2016 is Rs. 3,00,000, gross profit is 25% on cost. Find out gross profit and cost of goods sold.

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Solution

Gross profit is 25% on cost

Hence, if cost is Rs. 100, gross profit will be Rs. 25, and sales will be Rs. 125

Thus, if sales is Rs. 125, gross profit will be Rs. 25

If sale is Rs. 3,00,000, gross profit will be $3, 00, 000 \times \frac{25}{125} = R s . 60, 000$

Cost of Goods Sold
= Sales - Gross Profit
= Rs. 3,00,000 - Rs. 60.000
= Rs. 2,40,000

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