Homework Answers
Net sales = $270,000
Cost of goods sold = ($170,000)
Gross profit = $100,000
Cost of goods sold as a percentage of sales = Cost of goods sold / Net sales
Cost of goods sold as a percentage of sales = $170,000 / $270,000
Cost of goods sold as a percentage of sales = 0.6296
Cost of goods sold as a percentage of sales = 63% (rounded off to nearest whole number)
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