A) Set up a skeletal Profit & Loss Statement that shows the following figures as dollars and a percentage: Net Profit: $22,500 Net Profit %: 8% COGS%: 35% B) If Customer Returns & Allowances were 81

Finance Dec 25, 2020

A) Set up a skeletal Profit & Loss Statement that shows the following figures as dollars and a percentage: Net Profit: $22,500 Net Profit %: 8% COGS%: 35% B) If Customer Returns & Allowances were 81.250, what were Gross Sales? Use the editor to format your answer

Expert Solution

net profit % = net profit / sales

sales = net profit./ net profit %

sales = 22,500/0.08

sales = 281,250

gross sales = 281,250 - 81,250 = 200,000

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