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QUESTION 2 2 points Save Answer Calculate the cost of goods sold if the mark up was 25% on the selling price and the goods weI also want to know what is the best way to always work-out these type of calculations?

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Answer #1

Markup percentage is difference between cost and selling price as percentage of cost. formula to calculate markup percentage is:

Markup percentage= Gross profit / cost of good sold

in given case, markup was given on selling price. so formula will different in this case.

Markup = Gross profit / selling price

cost of goods sold = R1,800 * 75%

Cost of goods sold = R1,350

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