Question

Thomas & Cooke Inc. had a gross margin for the month of February totaling $46,200. They sold 5,500 units during the month at a sales price of $22 per unit. What was the amount of cost of goods sold for the month? a.$42,000 b.$74,800 c.$100,000 d.None of these choices are correct.

Answer 1

What was the amount of cost of goods sold for the month?

b.$74,800

Step-by-step explanation:

Units Price

Sold 5500 22

revenue 121000

Gross margin is a company's net sales revenue minus its cost of goods sold (COGS)

Gross margin=Sales-Cost of goods

46200=121000-cost Of goods

Cost of goods=74800