If cost of goods sold is $480,000 and the gross profit rate is 40%, what is the gross profit?

$320,000

Explanation:

As we know

Costs of goods sold = Sales - gross profit

where,

Gross profit ratio = 40%

And the cost of goods sold ratio is 60%

Plus the cost of goods sold is $480,000

We assume the sale is 100%

By applying the unitary method, the gross profit would be

=Cost of goods sold ÷  cost of goods sold ratio × Gross profit ratio

= $480,000 ÷ 60% × 40%

= $320,000

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hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi