Use the following information to answer the question below
Opening stock———2,300
Purchases————-11,874
Sales——————–18,600
Closing stock———–3,600
Cost of goods sold—11,500
The percentage of gross profit to sales is
- 61.82%
-
38.17%
- 28.49%
- 14.25%
The correct answer is: B
Explanation
Gross profit = sales - cost of goods sold
= 18,600 - 11,500 = 7,100
Percentage = \(\frac{7,100}{18,600}\) x 100
= 38.17%