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MCQ O-LEVEL Principle of accounts forjune 03

D

dasani

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A business ptovides the following information.

Sales for the year $189000
Purchase for year $125000
gross profit as a percentage of cost of sales 25%

What is the gross profit for the year?

please help me.
 
H

hamza95

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GP= sales - cost of sales
GP/COS =1/4 or 25/100......so GP/sales becomes 1/5 or 20/100
GP is 20% of sales, then GP = 189000 x 1/5
GP = $37800
 
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