Question

.Cost of goods sold of Rs. 15 00 000 ; Closing stock Rs 40 000 ; Opening Stock Rs 60 000 ; Amount of purchase will be:​

Answer 1

Answer:

Amount of goods sold = Rs. 14,80,000

Explanation:

Given,

• Opening stock = Rs. 60,000
• COGS = Rs. 15,00,000
• Closing stock = Rs. 40,000

We know the formula of cost of goods sold:

COGS = Opening stock + purchases - Closing Stock

=> 15,00,000 = 60,000 + Purchases - 40,000

=> 15,00,000 - 60,000 + 40,000 = Purchases

=> 14,80,000 = Purchases

Therefore amount of purchases = Rs. 14,80,000