Question

Calculate the amount of gross profit: Average inventory=80000 Inventory turnover ratio=6times Selling price =25% above cost ​

Answer 1

Answer: Stock turnover ratio = Cost of goods sold/Average inventory

                  6    = Cost of goods sold/ 80000

Cost of goods sold = 80000 X6

                             

Cost of goods sold  =480000

Selling price = 25 % above cost

Therefore Gross profit = Cost of goods sold x 25%

                                     = 480000 x 25%

                                     =480000 X (25/100)

                                     =120000

Step-by-step explanation:

Answer 2

Answer:

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