Assuming that the tax is 30%, what is the change in amount in peso in gross profit? 20202021Cost of Goods sold55,00058,000Cost of Goods sold450,000440,000Net Sales550,000550,000D00Assuming that the tax is 30%, what is the change in amount in peso in gross profit?A (10,000)B 7,00010,000(7,000)

On the gross profit, there is no charge of tax on it. It is calculated on the net profit earned by…

Answered: 2020 2021 Cost of Goods sold 55,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2020 2021 Cost of Goods sold 55,000 58.000 Cost of Goods sold 450,000 440,000 Net Sales 550,000 550,000 00 Assuming that the tax is 30%, what is the change in amount in peso in gross profit? (10,000) B 7,000 10,000 (7,000)