Gross profit in 2008 for the Lily Company totalled $1,000,000. If the cost of goods sold was 60% of sales, sales must have been A: $ 400,000 B: $ 600,000 C: $ 1,666,667 D: $ 2,500,000
Gross profit in 2008 for the Lily Company totalled $1,000,000. If the cost of goods sold was 60% of sales, sales must have been A: $ 400,000 B: $ 600,000 C: $ 1,666,667 D: $ 2,500,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Gross profit in 2008 for the Lily Company
totalled $1,000,000. If the cost of goods
sold was 60% of sales, sales must have
been
A: $ 400,000
B: $ 600,000
C: $ 1,666,667
D: $ 2,500,000
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