Question

Find opening stock
Stock turnover ratio =6 times
Sale = 180000
Gross profit 20%. On sales
Closing stock =15000more than opening stock

Answer 1

Answer:

Solution

D

Rs.12,000

Stock turnover ratio = Cost of goods sold/Average inventory

6 = Cost of goods sold/ 8000

Cost of goods sold = Rs.48000

Selling price = 25 % above cost

Therefore Gross profit = Cost of goods sold x 25%

= 48000 x 25%

= Rs.12000

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