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In April, Green Products received $62,000 in cash for its products and had returns totaling $2,000. Its gross profit rate was 45 percent. For the month of April, it will report net sales revenue and cost of goods sold of_______.

Respuesta :

Answer:

$60,000 and $33,000

Explanation:

As we know that

Net sales revenue = Sales revenue - returned goods

                               = $62,000 - $2,000

                               = $60,000

And, the cost of goods sold  equal to

= Sales - gross profit

where,

Sales = $60,000

And, the gross profit is 45% of sales = $60,000 × 45% = $27,000

So, the cost of goods sold is

= $60,000 - $27,000

= $33,000