opening stock= Rs 600000, purchase=rs.1400000, closing stock=rs 400000 and sales=Rs.2000000. The rate of gross profit on sales will be
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cost of goods sold = opening stock + purchase- closing stock
= 600000+1400000-400000
=1600000
gross profit=sale-cost
= 2000000-1600000
=400000
%of gross profit on sale = gross profit / sale×100
= 400000/2000000×100
=20%
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