Use the following information to answer this question GH¢ Gross profit 50,400 Discounts relieved 3,300 Discounts allowed 2,500 Net profit 26,500 Cost of goo...
Question 1 Report
Use the following information to answer this question
GH¢
Gross profit 50,400
Discounts relieved 3,300
Discounts allowed 2,500
Net profit 26,500
Cost of goods sold 184,000
Sales for the period is
Answer Details
To calculate the sales for the period, we can use the information provided about the gross profit and the cost of goods sold. The gross profit is defined as the difference between sales and the cost of goods sold. We can use the formula:
\[ \text{Gross Profit} = \text{Sales} - \text{Cost of Goods Sold} \]
Rearranging this formula to solve for sales, we get:
\[ \text{Sales} = \text{Gross Profit} + \text{Cost of Goods Sold} \]
Given:
- Gross Profit = GH¢50,400
- Cost of Goods Sold = GH¢184,000
Now, let's calculate the sales:
\[ \text{Sales} = 50,400 + 184,000 \]
\[ \text{Sales} = 234,400 \]
Therefore, the sales for the period is: GH¢234,400
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