Question

a company reported a gross profit percentage of 20% with net sales of $347,800. What is the amount of cost of goods sold

Answer 1

Based on the information given the amount of the cost of goods sold is:$278,240.

Cost of goods sold

Using this formula

Cost of goods sold=(1-Gross profit percentage)×Net sales

Let plug in the formula

Cost of goods  =(1-.20)×$347,800

Cost of goods sold=.80×$347,800

Cost of goods sold=$278,240

Inconclusion  the amount of the cost of goods sold is:$278,240.

Learn more about cost of goods sold here:brainly.com/question/24561653