cost of good sold= opening stock + net purchases

opening stock rs.6000
purchases rs.22000
cash sales rs.18000
credit sales rs.12000
calculate closing stock if rate of gross profit on cost of goods sold 25%.

Question Posted / s_tailang

Answer Posted / s_tailang

cost of good sold= opening stock + net purchases – direct expenses – closing stock
hence 6000+ 22000 = 28000
profit on cost of closing stock 28000xx25%=7000
total profit on cost of good sold is 28000+7000=35000
hence closing stock = cost of good sold – total sales
35000–(18000+30000)=5000

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