Question

Sales Rs. 3,00,000, Purchases Rs. 2,10,000,
Wages Rs. 40,000, Opening stock Rs.
10,000 and Closing stock was Rs. 20,000.
What was the Gross Profit?
A) Rs. 70,000
B) Rs. 60,000
C) Rs. 80,000
D) Rs. 50,000​

Answer 1

Answer:

Gross profit = Sales - cost of goods sold

cost of goods sold = opening stock +purchases + wages - closing stock

= 10000+210000+40000-20000

= 240000

gross profit = 300000-240000=60000

Answer 2

Answer:

(Option B). Rs. 60,000

Gross Profit = Rs. 60,000

Explanation:

Given :

• Sales = Rs. 3,00,000
• Purchases = Rs. 2,10,000
• Wages = Rs. 40,000
• Opening stock = Rs. 10,000
• Closing stock = Rs. 20,000

To find :

• Gross Profit

Solution :

Gross Profit = Net Sales - Cost Of Goods Sold

Sales = Rs. 3,00,000

Cost Of Goods Sold = Opening Stock + Purchases + Wages - Closing Stock

⇒ 10,000 + 2,10,000 + 40,000 - 20,000

⇒ 2,40,000

Cost Of Goods Sold = Rs. 2,40,000

Gross Profit = Net Sales - Cost Of Goods Sold

⇒ 3,00,000 - 2,40,000

⇒ 60,000

∴ Gross Profit = Rs. 60,000