determine the value of closing stock from the following details sales-₹400000,gross profit ratio-10%on sales, stock velocity-4times, closing stock was ₹10000 in excess of opening stock.
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Explanation:
To calculate the ending inventory, the new purchases are added to the ending inventory, minus the cost of goods sold. This provides the final value of the inventory at the end of the accounting period. The ending inventory is based on the market value or the lowest value of the goods that the business possesses.
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Answer:
excess of opening stock
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