Question

Calculate Merchandise Cost, Gross Profit and Net Income from the following information. Purchases (3,000 articles) 25,000 Freight 1,500 Local Taxes 1,000 Salaries 2,500 Shop Rent 500 Godown Rent 500 Electric Charges 600 Municipal Taxes 200 Stationery 250 Furniture (estimated life 5 years) 12,000 Sales (2700 articles) 32,000​

Answer 1

Answer:

0,000

8. Calculate Merchandise Cost, Gross Profit and Net Income from the following information.

25,000

1,500

1,000

2,500

500

500

Purchases (3,000 articles)

Freight

Local Taxes

Salaries

Shop Rent

Godown Rent

Electric Charges

Municipal Taxes

Stationery

Furniture (estimated life 5 years)

Sales (2700 articles)

Ans. (i) Merchandise Cost * 24,750

(ii) Gross Profit * 7,250

(iii) Net Income 300

600

200

250

12,000

32,000