United services and supplies reports net income of 60000 and cost of goods sold of 360000. If US and ampS's gross profit rate was 40 net sales were?

To find the net sales, we can use the gross profit rate formula. The gross profit is calculated as gross profit rate multiplied by net sales. Given the gross profit rate of 40%, we can set up the equation:

Gross Profit = Net Sales × Gross Profit Rate
Net Income = Gross Profit - Cost of Goods Sold

First, we need to determine gross profit, which can be found by adding net income to cost of goods sold:
Gross Profit = Net Income + Cost of Goods Sold = 60,000 + 360,000 = 420,000.

Now using the gross profit formula:
420,000 = Net Sales × 0.40
Net Sales = 420,000 / 0.40 = 1,050,000.

Thus, US and S's net sales were $1,050,000.