Question

opening stock 100000; closing stock 60000; purchase 50000 and gross profit is 10% of sales . The gross profit is:

Answer 1

Answer:

opening stock 100000

total stock = 160000

purchased =50000

total stock - purchased

160000-50000

=110000

Answer 2

Answer:  Gross profit = 9000

1. Gross profit =  10% X 90000 i.e. 9000

Explanation:

Given:

1. Opening stock = 100000
2. Purchases = 50000
3. Closing stock = 60000
4. Cost of goods sold = Opening stock + Purchases - Closing stock i.e. 100000+50000-60000 = 90000
5. Gross profit = 10% of COGS i.e. 10% (90000) = 9000