Accounting Mcqs

Q.  Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?

a. 1,600
b. 1,500
c. 1,000
d. 1,800


ANSWER: See Answer
 
Total Sales value =2000

Gross Profit =25 % of Sales

= 25/100×2000

= 500 Gross Profit

Cost of Goods = Total Sales – Gross Profit

=2000-500 = 1500
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