Question - Calculate cost of sales for each of the following:
a) Goods are sold at a mark-up of 60% on cost. Sales are $400,000
b) Sales are $250,000. Cost of goods sold is 75%
c) 600 pens are sold for $4,500. Profit on each pen is $1.50
d) Sales are $45,000. The margin on sales is 45%
e) Gadget X costs $8 and sells for $12.50. Sales total $6,500
Can you explain to me how to calculate these?