8. Calculate Merchandise Cost, Gross Profit and Net Income from the following information.₹25,0001,5001,0002,500500500Purchases (3,000 articles)FreightLocal TaxesSalariesShop RentGodown RentElectric ChargesMunicipal TaxesStationeryFurniture (estimated life 5 years)Sales (2700 articles)Cat 2475060020025012,00032,000
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Answer:
Case 1
Credit Sales = 3,00,000
Cash sales = 25% of Credit Sales
Total Sales = Cash Sales + Credit Sales
= 3,00,000 + 75,000 = 3,75,000
Gross Profit = 20% on Sales
Cost of Goods Sold = Total Sales − Gross Profit
= 3,75,000 − 75,000 = 3,00,000
Case 2
Let Total Sales = x
Total Sales = Cash Sales + Credit Sales
Gross Profit = Sales − Cost of Goods Sold
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