Your campus computer store reported Sales Revenue of $175,000. The company's gross profit percentage was 65 percent. What amount of Cost of Goods Sold did the company report?

The company reported $61,250 amount of Cost of Goods Sold

Explanation:

As gross profit percentage is the net percentage of sales revenue and cost of goods sold. We can find the cost of goods sold percentage as follow

Gross profit = Sales - Cost of Goods Sold

Placing the percentage

65% = 100 % - Cost of Goods sold

Cost of Goods sold = 100% - 65%

Cost of Goods sold = 35%

Now calculate the value of cost of goods sold using following formula

Cost of goods sold percentage = Cost of good sold / Sales Revenue

35% = Cost of Goods sold / $175,000

Cost of Goods sold = $175,000 x 35%

Cost of Goods sold = $61,250

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