A company has gross profit of $58,300 and a gross profit percentage of 25%.What were the company's net sales?

Name: A company has gross profit of $58,300 and a gross profit percentage of 25%.What were the company's net sales?
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Question

Quizplus · Accepted Answer

Gross profit percentage = [(Net sales − Cost of goods sold)÷ Net sales] × 100
Gross profit percentage = (Gross profit ÷ Net sales)× 100
Net sales = (Gross profit ÷ Gross profit percentage)× 100
= $58,300 ÷ 25% = $233,200

A Company Has Gross Profit of $58,300 and a Gross