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Calculate Net Sales and Gross Profit fro...

Calculate Net Sales and Gross Profit from the following information:
Cost of Goods Sold Rs 1,00,000, Gross Profit 20% on Sales

Text Solution

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If Sales is Rs 100, Gross Profit = 20% on Sales = Rs 20
`:.` Cost will be Rs 80 (i.e., `Rs 100 - Rs 20`)
If Cost of Goods Sold `= Rs 1,00,000`, Sales `= Rs 1,00,000 xx Rs 100//Rs 80 = Rs 1,25,000`
Gross Profit = Sales - Cost of Goods Sold
`= Rs 1,25,000 - Rs 1,00,000 = Rs 25,000`
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Knowledge Check

  • If the rate of gross profit is 25% of sales and Cost of Goods sold is Rs. 1,00,000, the amount of gorss profit will be

    A
    Rs. 25,000.
    B
    Rs. 33,333
    C
    Rs. 20,000.
    D
    None of these.

  • What will be the amount of Gross Profit, if revenue from operations are Rs. 6,00,000 and Gross Profit Ratio is 20% of cost?

    A
    Rs. 1,50,000
    B
    Rs. 1,00,000
    C
    Rs. 1,20,000
    D
    Rs. 5,00,000

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