Question

3 Points
Calculate the cost of goods sold and Gross Profit based on the following data;

Opening Stock-12,000
Purchase-20500
Sales-28000
Expenses on sales-1200
Expenses on purchase-1000
Closing stock
10000

Answer 1

Answer:

Cost of goods sold = 23,500

Gross profit = 4,500

Answer 2

Answer:

Cost of goods sold(X)= Opening Stock+ Purchase of the year + Expenses on purchase - Closing stock

X=12000+20500+1000-10000

X= 23500,,

Cost of good sold = 23500

Gross Profit (Y) = sales of goods - ( Cost of goods sold + expenses on sale)

Y=28000-(23500+1200)

Y=28000-24700

y=3300

Gross profit = 3300

Explanation: