Question

A concern has opening stock of 12,000
units @ Rs. 4 each and purchased
additional units of Rs. 5,000 @ Rs. 5 each.
They sold 15,000 units @ Rs. 20 each. The
value of issue price on FIFO basis will be
Rs. 65,000
Rs. 3,00,000
Rs. 60,000
Rs. 63,000​

Answer 1

Step-by-step explanation:

Trading A/c For the year ended..

Particular Amt Particular Amt

To opening stock A/c 12000 By Sales A/c 30000

To Purchase A/c 20000 By Closing stock A/c 22000

To trading expenses A/c 8000

To Gross Profit transferred A/c 12000

52000 52000

To Ascertain Gross profit , we need to find out the value of closing stock :

Let us take "x" as closing stock

COGS = opening stock + purchase + direct expenses - closing stock

18000= 12000+ 20000 + 8000 - X

X = 40000 - 18000

= 22000.