Question

calculate Cost of goods Sold from the following information: Opening Stock Rs. 40,000; Net Purchases Rs. 50,000; Net sales Rs. 1,19,000; wages & salaries Rs. 10,000; Rent paid Rs. 15,000; Closing Stock Rs. 15,000​

Answer 1

Answer:

Closing Stock is valued at ₹ 6,00,000

Explained

Particulars Amount (Rs) Particulars Amount (Rs)

Opening Stock 2,50,000 Sales 18,00,000

Purchases 7,00,000

Less: Sales Returns

36,000 17,64,000

Less: Purchases Returns

22,000 6,78,000 Closing Stock 6,00,000

Carriage Inward 34,000

Wages 2,06,000

Custom Duty 15,000

Gas, Fuel & Power 60,000

Dock Charges 8,000

Manufacturing Expenses 2,48,000

Factory Lighting 96,000

Gross Profit (Balancing Figure) 7,69,000

23,64,000 23,64,000