Provide answer this general accounting question Gross profit in 2023 for the Phoenix Corporation totalled$1,350,000. If the cost of goods sold was 55% of sales, sales musthave beenA: $750,000B: $1,850,000C: $3,000,000D: $3,455,000

Step 1: Define Sales RevenueSales Revenue refers to the total amount generated from selling goods or…

Answered: Gross profit in 2023 for the Phoenix…

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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Gross profit in 2023 for the Phoenix Corporation totalled $1,350,000. If the cost of goods sold was 55% of sales, sales must have been A: $750,000 B: $1,850,000 C: $3,000,000 D: $3,455,000