Question

10.
Calculate the stock at the end of the year:
Sales
Opening Stock
Purchases
Wages (productive)
Carriage inwards
Rate of Gross profit on cost
Rs.
3,00,000
25,000
2,50,000
5,000
3,500
20%
Ans: Rs. 33,500​

Answer 1

Answer:

Let cost of good sold be X

cost of goods sold =. sales - gross profit

X. = 300000 - X×20/100

X. = 300000 -X/5

X+ X/5 =300000

5X+X/5= 300000

6X= 1500000

X = 250000

Cost of good sold = 250000

cost of goods sold = opening stock + purchase + direct expense - closing stock

250000 = 25000+250000+(5000+3500)-closing stock

closing stock = 283500-250000

=33500