Question

(a) From the following information, you are required to calculate
• Gross Profit
• Gross Purchases
Particulars
Net Sales
2,00,000
Opening Stock
32,000
Purchases returns
12,000

please solve this!
Wages
3,000
Closing Stock
14,000
Rent
1,000
Gross profit is 25% on cost
Question 4​

Answer 1

Answer:

wages, closings stock and rate

Answer 2

• Gross Profit  = 40000

• Gross Purchases  = 151000

Explanation:

First of all whenever you have the answer of any Ratio use that, like in this Question

Gross Profit on Cost = 25% =$\frac{1}{4}$

Gross Profit on Sale =  $\frac{1}{4+1}$= $\frac{1}{5}$    we add 1 in denominator to reach at sale

Gross Profit = 200000 x $\frac{1}{5}$

                    = 40000

We know that

Cost of Goods Sold = Sales - Gross Profit

                                 =  200000 - 40000

                                 = 160000

we also know

Cost of goods sold = Opening stock + Net Purchases + Direct expenses - Closing stock

160000  = 32000 +(Gross Purchases -12000)+ 3000 - 14000

160000  = 9000+ Gross Purchases

Gross Purchases = 160000 - 9000

                              = 151000

Rent is Indirect Expense, Hence it is not taken

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