Answered: Your campus computer store reported…

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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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?

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Using the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357 Net Sales 124,835 Sales Returns and Allowances 2,971 Cost of Goods Sold 37,343 Operating Expenses 20,156