stock turnover ratio 5 time total sales 200000 gross profit ratio 25/ closing stock is more by 4000 than the opening stock (ans opening stock 28000 closing stock 32000)
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Opening Stock = 28,000
Closing Stock = 32,000
Explanation:
Given:
Stock turnover ratio = 5 times
Total sales = 2,00,000
Gross profit ratio = 25%
Opening stock = A (assume)
Closing Stock = A + 4000
Calculation:
Gross profit ratio = gross profit / net sales
0.25 = Gross profit / 2,00,000
50000 = Gross profit
Cost of goods sold = Sales - gross profit
= 2,00,000 - 50,000
= 1,50,000
Stock turnover ratio = Cost of goods sold / Average Stock
5 = 1,50,000 / Average stock
Average Stock = 30,000 = (Opening stock + closing stock) / 2
30000 = (A + A + 4000 ) / 2
60000 = 2A + 4000
56000 = 2A
A = 28000
Opening Stock = 28,000
Closing Stock = A + 4000
Closing Stock = 28,000 +4,000
Closing Stock = 32,000
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