Question

From the following data of Nagma. Find out the cost of good sold and sales for the year
2019-20.
₹
Opening Stock
50,000
Purchases during the year
1,50,000
Clearing Charges
20,000
Closing Stock
30,000
G.P. 15% on cost.
(Ans. C.O.G.S. = 1,90,000 ; G.P. = 28,500 ; Sales = 2,18,500)
od soles for the vear​

Answer 1

Answer:

Cost of goods sold = opening stock + purchase + clearing stock - closing stock

Therefore COGS = 50000 + 150000 + 20000 - 30000

190000

Answer 2

Answer:

Cost Of Goods Sold = 1,90,000

Sales = 2,18,500

Explanation:

Given :

• Opening Stock = 50,000

• Purchases = 1,50,000

• Clearing Charges = 20,000

• Closing Stock = 30,000

• G.P. 15% on cost

To find :

The Cost Of Goods Sold and Sales

(for the year 2019 - 20)

Solution :

Cost Of Goods Sold = 50,000 + 150,000 + 20,000 − 30,000

$\longrightarrow$ 2,20,000 - 30,000

$\longrightarrow$ 1,90,000

Cost Of Goods Sold = 1,90,000

G.P. 15% on Cost

Gross Profit =

$\longrightarrow \: 1,90,000 \: \times \dfrac{15}{100}$

$\longrightarrow$ 28,500

Gross Profit = 28,500

Sales = Cost Of Goods Sold + Gross Profit

$\longrightarrow$ 1,90,000 + 28,500

$\longrightarrow$ 2,18,500

Sales = 2,18,500

∴ Cost Of Goods Sold = 1,90,000

Sales = 2,18,500