Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?
A1,500
B1,800
C1,600
D1,000
Correct answer
A. 1,500
Explanation
Total Sales value =2000 Gross Profit =25 % of Sales = 25/100×2000 = 500 Gross Profit Cost of Goods = Total Sales – Gross Profit =2000-500 = 1500