Question

Your campus computer store reported Sales Revenue of $168,000. The company's gross profit percentage was 60.0 percent. What amount of Cost of Goods Sold did the company report?

Answer 1

Answer:

COGS= $67,200

Explanation:

Giving the following information:

Your campus computer store reported:

Sales Revenue of $168,000.

The company's gross profit percentage was 60%.

Gross profit= sales revenue - cost of goods sold

sales= 168,000

COGS=?

gross profit= 168,000*0.6= 100,800

COGS= 168,000 - 100,800= $67,200