In 2019, Move It Company incurred cost of goods sold of $36,162 million on gross sales revenue of $76,643 million. Sales returns and allowances were $5,606 million and sales discounts were $1,314 million.
What is Move It's gross profit percentage for 2019?

Question

Quizplus · Accepted Answer

Net Sales = Gross sales revenue - Sales returns and allowances - sales discounts
X = $76,643 - $5,606 - $1,314
X = $69,723 = Net Sales
Gross profit on sales = Net Sales - Cost of goods sold
X = $69,723 - $36,162
X = $33,561 = Gross profit on sales
Gross profit percentage = Gross profit on sales / net sales
X = $33,561 / $69,723
X = 0.481 = 48.1%

In 2019, Move It Company Incurred Cost of Goods Sold