Answered: Lj Company's total sales was P125,750.…

Lj Company's total sales was P125,750. If the gross profit is 57.75% of the sales, how much is the cost of goods sold of the company? A) P54,720.05 P53,029.73 c) P54,072.50 D) P53,129.37

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

Lj Company's total sales was P125,750. If the gross profit is 57.75% of the sales, how much is the cost of
goods sold of the company?
A) P54,720.05
B P53,029.73
P54,072.50
P53,129.37

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