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Calculate amount of gross profit Opening stock 15000 Closing stock 18000 Purchases 45000 Gross profit 15% of sales?
Most Upvoted Answer
Calculate amount of gross profit Opening stock 15000 Closing stock 180...
Gross Profit Calculation
- Opening stock: 15000
- Closing stock: 18000
- Purchases: 45000
- Gross profit: 15% of sales
Explanation
To calculate the gross profit, we need to first understand the formula for it. Gross profit is the difference between revenue and cost of goods sold (COGS).
Gross Profit = Revenue - COGS
COGS can be calculated by adding the opening stock and purchases, and subtracting the closing stock from that total.
COGS = Opening Stock + Purchases - Closing Stock
Now, we can use the given information to calculate the gross profit.
COGS = 15000 + 45000 - 18000 = 42000
We know that the gross profit is 15% of the sales. Let's assume the sales to be x.
Gross Profit = 0.15x
We can equate this to the difference between revenue and COGS.
0.15x = Revenue - 42000
Revenue = 0.15x + 42000
We can simplify this equation by assuming a value for x. Let's assume sales to be 100,000.
Revenue = 0.15(100000) + 42000 = 57000
Now, we can calculate the gross profit.
Gross Profit = 57000 - 42000 = 15000
Therefore, the gross profit is 15000.
Community Answer
Calculate amount of gross profit Opening stock 15000 Closing stock 180...
Sales =60000-18000=42000gross profit =42000×15÷100=6300
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Calculate amount of gross profit Opening stock 15000 Closing stock 18000 Purchases 45000 Gross profit 15% of sales? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Calculate amount of gross profit Opening stock 15000 Closing stock 18000 Purchases 45000 Gross profit 15% of sales? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate amount of gross profit Opening stock 15000 Closing stock 18000 Purchases 45000 Gross profit 15% of sales?.
Calculate amount of gross profit Opening stock 15000 Closing stock 18000 Purchases 45000 Gross profit 15% of sales? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Calculate amount of gross profit Opening stock 15000 Closing stock 18000 Purchases 45000 Gross profit 15% of sales? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate amount of gross profit Opening stock 15000 Closing stock 18000 Purchases 45000 Gross profit 15% of sales?.
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