Question

Gross profit of Inner Spark's company amounted to Php275,000. Net Sales is Php400,000 compute for cost of goods sold?

Answer 1

Answer:Cost of goods sold =Php125,000

Step-by-step explanation:

Profit = Cost Price-Selling Price

Also we know that

Gross Profit = Net Sales– Cost of Goods Sold

Php275,000=Php400,000– Cost of Goods Sold

Cost of Goods Sold=Php400,000-Php275,000=Php125,000