If the gross profit margin is 10% of sales, what is the value of the cost of goods sold?
- N10,000
-
N90,000
- N105,600
- N110,000
The correct answer is: B
Explanation
\(\frac{10}{100}\) x 100,000 = 10,000
cost of goods sold = sales - profit
100,000 - 10,000 = 90,000