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Opening Stock Rs 30,000, Purchases Rs 54,6000, Expenses on Purchases Rs 6,000, Sales Rs 90,000, Expenses on Sales Rs 3,000, Closing Stock Rs 36,600. Calculate Cost of Goods Sold and Gross Profit |
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Answer» Solution :Cost of Good Sold = Opening Stock + Purchases + Expenses on Purchases - Closing Stock `= Rs 30,000 + Rs 54,600 + Rs 6,000 - Rs 36,600 = Rs 54,000`. Gross Profit = NET SALES - Cost of Goods Sold `= Rs 90,000 - Rs 54,000 = Rs 36,000` Note: Expenses on Sales being indirect expenses are not CONSIDERED while computing Cost of Goods Sold |
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