Question

Ascertain cost of goods sold from the following information Opening stock 18000 Purchases 22000 Wages 5000 Closing stock 15000​

Answer 1

Explanation:

Correct option is

A

Rs.12,000

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.

Answer 2

Explanation:

Opening stock = 18,000

Purchases = 22,000

Wages = 5,000

Closing stock = 15,000

Cost Of Goods Sold = Opening stock + Purchases + Direct Expenses - Closing stock

Cost Of Goods Sold = 18,000 + 22,000 + 5,000 - 15,000

Cost Of Goods Sold = 45,000 - 15,000

Cost Of Goods Sold = 30,000

Hence, Cost Of Goods Sold = 30,000