The amount of cost of goods sold by the company reported was $67,200.
Given,
Campus computer store sales revenue - $168,000
Gross profit percentage - 60%.
Thus,
Gross profit= sales revenue - cost of goods sold
Sales - $168,000
Cost of goods sold - ?
Gross profit = $168,000 * 0.6 = $100,800
Cost of goods sold = $168,000 - 100,800
Therefore, Cost of goods sold = $67,200
Cost of goods sold is the total of all costs which is used in order to create a product or service, which has been sold. Cost of Goods Sold measures the direct cost incurred in the production of any goods or services.
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