Question

calculate cost of goods sold from the following : indirect expenses 15200, direct expenses 18600, sales 120000, net purchase 72000, sales return 12000, purchase return 8000, opening stock 16000, closing stock 28000​

Answer 1

Answer:

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Explanation:

Cost of Goods Sold = Opening Inventory + Purchases (Net) + Direct Expenses - Closing Inventory

= 16,000+72,000+18,600-28,000

= 78,600

Answer 2

Given :

• Indirect expenses = 15200

• Direct expenses = 18,600

• Sales = 1,20,000

• Net Purchases = 72,000

• Sales Return = 12,000

• Purchase Return = 8000

• Opening Stock = 16,000

• Closing Stock = 28,000

To find :

Cost of Goods Sold = ?

Formulae To find Cost of Goods Sold :

• Cost of Goods Sold = Opening stock + Net Purchases + Direct expenses - Closing Stock

Solution :

• Cost of Goods Sold :

• Opening Stock = 16,000

• Net purchases = 72,000

• Direct Expenses = 18,600

• Closing Stock = 28,000

= 16,000 + 72,000 + 18,600 - 28,000

= 88,000 + 18,600 - 28,000

= 1,06,600 - 28,000

= 78,600

∴ Cost of Goods Sold = 78,600

Extra Formulaes :

• Gross Profit = Net sales - Cost of Goods

Sold

• Net sales = Gross Sales - Sales Return

• Net Purchases = Gross Purchase -

Purchase Return.