Question

Opening Stock 480000
Purchase 1360000
Sales 1950000
Gross profit 30% on cost
Calculate Closing Stock from these details...

Answer 1

Answer:

480000+1360000+487500-1950000=377,500

Answer 2

$\fontsize{18}{10}{\textup{\textbf{Closing stock is 3,40,000.}}}$

Explanation:

Let x represents the cost of goods sold.

Since gross profit is 30% on cost, so we have

$\textup{Gross profit}=30\%\times x=\dfrac{3}{10}x.$

Also,

$\textup{Cost of goods sold}=\textup{sales}-\textup{Gross profit}\\\\\Rightarrow x=1950000-\dfrac{3}{10}x\\\\\\\Rightarrow \dfrac{13}{10}x=1950000\\\\\Rightarrow 13x=19500000\\\\\Rightarrow x=\dfrac{19500000}{13}\\\\\Rightarrow x=1500000.$

We have

Cost of goods sold = opening stock+net purchases+direct expenses-closing stock.

So,

$1500000=480000+1360000+0-C.S\\\\\Rightarrow C.S=1840000-1500000\\\\\Rightarrow C.S.=340000.$

Thus, the required closing stock is 3,40,000.

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Question : How to calculate closing stock??

Link : https://brainly.in/question/1798038.