If gross profit is 20% of sales and cost of goods sold is Rs.80000/-, find Sales:
Sales are Rs.100000. Since gross profit is 20% of sales, cost of goods sold is 80% of sales, so sales = 80000 / 0.80 = 100000.
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If gross profit is 20% of sales and cost of goods sold is Rs.80000/-, find Sales:
Answer and explanation
Correct answer B
Sales are Rs.100000. Since gross profit is 20% of sales, cost of goods sold is 80% of sales, so sales = 80000 / 0.80 = 100000.
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Kerala SET (LBS Centre)