A company had sales of $375,000 and its gross profit was $157,500. What is the cost of goods sold?
Answer:
How about taking one number from the other.
thats simple arithmetic darling do the math!
it would be $375,000 or per unit of good $375,000 divided by the number of goods sold
well just subtract the two and thats your answer.
The difference between the 2. (375,000 Less 157,500)
Gross profit means revenue minus cost of goods sold. So just take the $375k minus $157.5k and you get your cost of goods sold.
If the question had said "what is net income" then that would be a whole different story.
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