caculate cost of goods sold and gross profit on the basis of cost of cost of goods sold from the fol...........

General Accounting Principles Accounting cycles

caculate cost of goods sold and gross profit on the basis of cost of cost of goods sold from the following given information:

opening sock is Rs. 40,000; purchases is Rs. 4,20,000; expenses on purchases of Rs. 8,000; expenses on sales of Rs. 15,000; wages of Rs. 30,000; sales of Rs. 6,00,000 and closing stock of Rs. 52,000.

cost of goods sold = Rs4,08,000 ; gross profit = Rs. 5,85,000

cost of goods sold = Rs 4,16,000 ; gross profit = Rs. 4,31,000

cost of goods sold = Rs4,46,000 ; gross profit = Rs.1,46,000

cost of goods sold = Rs4,46,000 ; gross profit = Rs.1,54,000

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Explanation:

GIVEN: opening sock is Rs. 40,000; purchases is Rs. 4,20,000; expenses on purchases of Rs. 8,000; expenses on sales of Rs. 15,000; wages of Rs. 30,000; sales of Rs. 6,00,000 and closing stock of Rs. 52,000.

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

= Rs. 40,000+ Rs.4,20,000+ Rs.8,000+ Rs.30,000 - Rs. 52,000

= Rs. 4,46,000

Gross profit = sales - cost of goods sold

= Rs.6,00,000 - Rs. 4,46,000

= Rs. 1,54,000

NOTE= expenses on sales will not be considered while computing the cost of goods sold.