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

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abiolataiwo2015

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.

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