Question

find out the value of cost of goods sold when opening stock 30000 closing stock 20000 purchase 90000and wages 10000. ​

Answer 1

Explanation:

Trading A/c For the year ended..

Particular Amt Particular Amt

To opening stock A/c 12000 By Sales A/c 30000

To Purchase A/c 20000 By Closing stock A/c 22000

To trading expenses A/c 8000

To Gross Profit transferred A/c 12000

52000 52000

To Ascertain Gross profit , we need to find out the value of closing stock :

Let us take "x" as closing stock

COGS = opening stock + purchase + direct expenses - closing stock

18000= 12000+ 20000 + 8000 - X

X = 40000 - 18000

= 22000.

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