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If the rate of Gross profit on sales is 30% and the cost of goods sold is Rs. 70,000, What is the amount of sales?

If the rate of Gross profit on sales is 30% and the cost of goods sold is Rs. 70,000, What is the amount of sales? Correct Answer Rs. 1,00,000

The correct answer is option no. 1 i.e. Rs. 1,00,000

Key Points

This can be formulated as:

 Sales - Cost of goods sold = Gross Profit

 If sales is Rs. 100

 Then Gross Profit becomes Rs. 30 (30% of sales)

The cost of goods sold will be Rs. 70 (Rs. 100 - Rs. 30)

The cost of goods sold is equal to 70% of sales

Sales = Cost of goods sold/70%

= 70000/70%

Therefore, Sales = Rs. 100000

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