Accountancy, asked by johnnyLawrence, 2 days ago

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%​

Answers

Answered by AllenGPhilip
30

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'

\frac{20x}{120} = x - 15,55,000

\frac{20x - 120x}{120} = 15,55,000

20x - 120x = -18,66,00,000

-100x = 18,66,00,000

x = 18,66,000

Gross Profit = 20% on cost

GP = 18,66,000 * \frac{20}{120} = 3,11,000

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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