Calculate cost of goods sold, sales and gross profit : Opening stock 500000 Dock charges 10000 Purchases 1500000 Octroi 20000 Closing stock 480000 carriage on purchases 5000 Gross Profit on Cost is 20%
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Answer:
Sale = 18,66,000
Gross profit = 3,11,000
COGS = Sale - GP = 18,66,000 - 3,11,000 = 15,55,000
Explanation:
Given:
Opening stock = 5,00,000
Purchase = 15,00,000
Dock charges (D.E) = 10,000
Octroi = 20,000
Carriage inwards = 5,000
Closing stock = 4,80,000
Gross profit is 20% on cost
Cost of goods sold = Opening stock + Purchase + Direct expense - Closing stock
COGS = 5,00,000 + 15,00,000 + 10,000 + 20,000 + 5,000 - 4,80,000
COGS = 15,55,000
Gross profit = Sales - COGS
GP is 20% on cost
Let the sale be 'x'
Gross Profit = 20% on cost
GP =
Sale = 18,66,000
Gross profit = 3,11,000
COGS = Sale - GP = 18,66,000 - 3,11,000 = 15,55,000
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