Parkside Pool reports net sales of $625,000, gross profit of $275,000, and profit for the period of $15,000. The company's cost of goods sold is:

Name: Parkside Pool reports net sales of $625,000, gross profit of $275,000, and profit for the period of $15,000. The company's cost of goods sold is:
Brand: Quizplus
Rating: 4.9 (58 reviews)

Question

Quizplus · Accepted Answer

Gross Profit = Net Sales - Cost of Goods Sold
275,000 = 625,000 - Cost of Goods Sold
Cost of Goods Sold = 625,000 - 275,000
Cost of Goods Sold = 350,000

Parkside Pool Reports Net Sales of $625,000, Gross Profit of $275,000