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2 years ago

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

Business

1 answer:

stellarik [79]2 years ago

5 0

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

<h3>Cost of goods sold</h3>

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

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