For the current month,Brixell Company had net sales of $12,000.Brixell typically achieves a gross profit of 15%.Cost of goods sold under the gross profit method would be:

Question

Quizplus · Accepted Answer

To find the cost of goods sold (COGS) using the gross profit method, subtract the gross profit percentage from 100% to find the cost percentage. Here, 100% - 15% = 85%. Then, multiply the net sales by the cost percentage: $12,000 * 85% = $10,200.

For the Current Month,Brixell Company Had Net Sales of $12,000