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Calculate Net Sales and Gross Profit from the following information: (i) Cost of Goods Sold is ₹4,00,000.(ii) Gross Profit is 20% on sales. |
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Answer» Costa of goods sold = Rs 400,000 Gross profit = 20% of Rs 400,000 = Rs \(\cfrac{20\times400,000}{100}\) = Rs 80000 \(\therefore \) net sales = Gross profit + cost of goods sold = Rs (400,000 + 80000) = Rs 480,000 |
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