A company had sales of $375,000 and gross profit of $157,500.Its cost of goods sold was:
A)$(217,000).
B)$375,000.
C)$157,500.
D)$217,500.
E)$532,500.

Name: A company had sales of $375,000 and gross profit of $157,500.Its cost of goods sold was: A)$(217,000). B)$375,000. C)$157,500. D)$217,500. E)$532,500.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

We know that Gross Profit = Sales - Cost of Goods Sold

So, Cost of Goods Sold = Sales - Gross Profit
= $375,000 - $157,500
= $217,500

Therefore, the correct answer is D) $217,500.

A Company Had Sales of $375,000 and Gross Profit of $157,500.Its