If the gross profit margin is 10% of sales, what is the value of the cost of goods sold?
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Correct Answer: Option B
Explanation:
\(\frac{10}{100}\) x 100,000 = 10,000
cost of goods sold = sales - profit
100,000 - 10,000 = 90,000
\(\frac{10}{100}\) x 100,000 = 10,000
cost of goods sold = sales - profit
100,000 - 10,000 = 90,000