A business has sales of $184,158 and a normal gross profit of 45%. The estimated cost of goods sold is: (Round your answer to the nearest dollar.)

Question

Quizplus · Accepted Answer

The estimated cost of goods sold can be calculated by subtracting the gross profit from the total sales. Gross profit is 45% of sales, so the cost of goods sold is 55% of sales (100% - 45% = 55%). Therefore, the cost of goods sold is 55% of $184,158, which equals $101,287 (rounded to the nearest dollar).

A Business Has Sales of $184,158 and a Normal Gross