00:01
Now in the given question for in grid fashions we need to find out the net sales revenue and cost of goods sold.
00:13
So first of all for finding the net sales revenue, we will be seeing what was the total sales and out of which how many were the total return.
00:24
Now the total sales less the returns is going to be the net sales.
00:38
Revenue and in the question it is given that the ingrid fashion had sold total of $38 ,000 merchandise for cash in the month of july and out of which 800 where its returns so the balance comes to 37 ,200s so the net sales revenue we have calculated to be 37 ,200 now the second thing be the calculation of cost of goods sold.
01:20
Now we know that cost of good sold is this difference between the net sales revenue less its gross profit.
01:28
So the cost of goods sold denoted with cogs will be the net sales revenue less its gross profit.
01:48
Then the balance that comes will be the net's cost of goods solds.
01:52
We know the balance of net sales revenue and we have calculated that, that is the $37 ,200.
01:58
Now, from gross profit, it is said that the gross profit rate is of 40%...