A Company Had a Gross Profit of $300,000 Based on Sales

question 144

True/False

A company had a gross profit of $300,000 based on sales of $400,000,which means its cost of goods sold is equal to $700,000.

---

Definitions:

Acetone

A volatile, colorless liquid used as a solvent and an antiseptic; it is the simplest and smallest ketone.

Ethyl Acetoacetate

An organic compound used as a reagent in the synthesis of various compounds, characterized by the presence of both ester and keto functional groups.

Sodium Ethoxide

A strongly basic compound formed from the reaction of ethanol and sodium, used as a nucleophile in organic synthesis.

Dilute Acid

An acid solution that has a low concentration of acid in a large amount of solvent, typically water.