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Cash sales of a business in a year were Rs. 29000 and credit sales 31000 the cost of goods sold ( including direct expense) works out at Rs. 52000. Find out the gross profit ?
Most Upvoted Answer
Cash sales of a business in a year were Rs. 29000 and credit sales 310...
Calculation of Gross Profit
- Cash sales = Rs. 29000
- Credit sales = Rs. 31000
- Total sales = Cash sales + Credit sales = Rs. 60000
- Cost of goods sold (COGS) = Rs. 52000
Explanation
Gross profit is the profit that a company earns after deducting the cost of goods sold (COGS) from its total revenue. COGS includes the direct costs of producing the goods that were sold, such as materials and labor.
To calculate the gross profit, we need to subtract the COGS from the total sales. In this case:
Gross Profit = Total Sales - COGS
Substituting the values, we get:
Gross Profit = Rs. 60000 - Rs. 52000 = Rs. 8000
Therefore, the gross profit of the business is Rs. 8000.
Community Answer
Cash sales of a business in a year were Rs. 29000 and credit sales 310...
Gross Profit =Net Sales (Credit + Cash) -[Cost of Goods Sold].
Gross Profit = 60000(31000+29000)-[52000].
Gross Peofit =₹ 8.000/-.
Let me please Know if answer is correct or wrong.
Gross Profit = 60000(31000+29000)-[52000].
Gross Peofit =₹ 8.000/-.
Let me please Know if answer is correct or wrong.
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Cash sales of a business in a year were Rs. 29000 and credit sales 31000 the cost of goods sold ( including direct expense) works out at Rs. 52000. Find out the gross profit ?
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