Question

18.From the following information calculate Gross Profit and Net Profit
Sale of goods
Rs. 80,000
Opening Stock of goods Rs.12,000
Closing Stock of goods
Rs.16,000
Purchase of goods
Rs.40,000
Freight on Purchase
Rs.6,000
Freight on Sales
Rs.3,000
Office expenses
Rs.1,000
Salesman commission
Rs.500​

Answer 1

Answer:

gross profit =50

Explanation:

gp=gp/sales *100

gp=sales-cost of goods sold

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

there fore

cost of goods sold=12000+40000-16000

=36000

gp=sales-cost of goods sold

=80000-36000

=44000

gp=44000/80000*100

=55