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Determine the value of cost of goods sold and gross profit from the following information adjusted purchases rupees 480000 wages rupees 30000 carriage inward rupees 8000 sales rupees 620000 sales return rupees 20000 opening stock rupees 40000 and purchase return rupees 7000?
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Determine the value of cost of goods sold and gross profit from the fo...
Calculation of Cost of Goods Sold and Gross Profit
Step 1: Calculation of Net Purchases
Adjusted Purchases = Rupees 480,000
Purchase Return = Rupees 7,000
Net Purchases = Adjusted Purchases - Purchase Return
Net Purchases = Rupees 480,000 - Rupees 7,000
Net Purchases = Rupees 473,000
Step 2: Calculation of Cost of Goods Available for Sale
Opening Stock = Rupees 40,000
Net Purchases = Rupees 473,000
Carriage Inward = Rupees 8,000
Total Cost of Goods Available for Sale = Opening Stock + Net Purchases + Carriage Inward
Total Cost of Goods Available for Sale = Rupees 40,000 + Rupees 473,000 + Rupees 8,000
Total Cost of Goods Available for Sale = Rupees 521,000
Step 3: Calculation of Cost of Goods Sold
Cost of Goods Sold = Total Cost of Goods Available for Sale - Closing Stock
Closing Stock = Opening Stock - Cost of Goods Sold
Closing Stock = Rupees 40,000 - Cost of Goods Sold
Sales Return = Rupees 20,000
Sales = Rupees 620,000
Gross Profit = Sales - Cost of Goods Sold
Gross Profit = Rupees 620,000 - Cost of Goods Sold
Step 4: Calculation of Closing Stock
Cost of Goods Sold = Sales - Gross Profit
Cost of Goods Sold = Rupees 620,000 - Gross Profit
Cost of Goods Sold = Rupees 620,000 - (Sales - Cost of Goods Sold)
2 * Cost of Goods Sold = Rupees 620,000 - Gross Profit
2 * Cost of Goods Sold = Rupees 620,000 - (Rupees 620,000 - Cost of Goods Sold)
3 * Cost of Goods Sold = Rupees 620,000
Cost of Goods Sold = Rupees 206,666.67
Closing Stock = Opening Stock - Cost of Goods Sold
Closing Stock = Rupees 40,000 - Rupees 206,666.67
Closing Stock = (Rupees -166,666.67)
Step 5: Calculation of Gross Profit
Cost of Goods Sold = Rupees 206,666.67
Gross Profit = Sales - Cost of Goods Sold - Sales Return
Gross Profit = Rupees 620,000 - Rupees 206,666.67 - Rupees 20,000
Gross Profit = Rupees 393,333.33
Conclusion
The cost of goods sold is Rupees 206,666.67 and the gross profit is Rupees 393,333.33.
Step 1: Calculation of Net Purchases
Adjusted Purchases = Rupees 480,000
Purchase Return = Rupees 7,000
Net Purchases = Adjusted Purchases - Purchase Return
Net Purchases = Rupees 480,000 - Rupees 7,000
Net Purchases = Rupees 473,000
Step 2: Calculation of Cost of Goods Available for Sale
Opening Stock = Rupees 40,000
Net Purchases = Rupees 473,000
Carriage Inward = Rupees 8,000
Total Cost of Goods Available for Sale = Opening Stock + Net Purchases + Carriage Inward
Total Cost of Goods Available for Sale = Rupees 40,000 + Rupees 473,000 + Rupees 8,000
Total Cost of Goods Available for Sale = Rupees 521,000
Step 3: Calculation of Cost of Goods Sold
Cost of Goods Sold = Total Cost of Goods Available for Sale - Closing Stock
Closing Stock = Opening Stock - Cost of Goods Sold
Closing Stock = Rupees 40,000 - Cost of Goods Sold
Sales Return = Rupees 20,000
Sales = Rupees 620,000
Gross Profit = Sales - Cost of Goods Sold
Gross Profit = Rupees 620,000 - Cost of Goods Sold
Step 4: Calculation of Closing Stock
Cost of Goods Sold = Sales - Gross Profit
Cost of Goods Sold = Rupees 620,000 - Gross Profit
Cost of Goods Sold = Rupees 620,000 - (Sales - Cost of Goods Sold)
2 * Cost of Goods Sold = Rupees 620,000 - Gross Profit
2 * Cost of Goods Sold = Rupees 620,000 - (Rupees 620,000 - Cost of Goods Sold)
3 * Cost of Goods Sold = Rupees 620,000
Cost of Goods Sold = Rupees 206,666.67
Closing Stock = Opening Stock - Cost of Goods Sold
Closing Stock = Rupees 40,000 - Rupees 206,666.67
Closing Stock = (Rupees -166,666.67)
Step 5: Calculation of Gross Profit
Cost of Goods Sold = Rupees 206,666.67
Gross Profit = Sales - Cost of Goods Sold - Sales Return
Gross Profit = Rupees 620,000 - Rupees 206,666.67 - Rupees 20,000
Gross Profit = Rupees 393,333.33
Conclusion
The cost of goods sold is Rupees 206,666.67 and the gross profit is Rupees 393,333.33.
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Determine the value of cost of goods sold and gross profit from the following information adjusted purchases rupees 480000 wages rupees 30000 carriage inward rupees 8000 sales rupees 620000 sales return rupees 20000 opening stock rupees 40000 and purchase return rupees 7000?
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Determine the value of cost of goods sold and gross profit from the following information adjusted purchases rupees 480000 wages rupees 30000 carriage inward rupees 8000 sales rupees 620000 sales return rupees 20000 opening stock rupees 40000 and purchase return rupees 7000? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Determine the value of cost of goods sold and gross profit from the following information adjusted purchases rupees 480000 wages rupees 30000 carriage inward rupees 8000 sales rupees 620000 sales return rupees 20000 opening stock rupees 40000 and purchase return rupees 7000? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Determine the value of cost of goods sold and gross profit from the following information adjusted purchases rupees 480000 wages rupees 30000 carriage inward rupees 8000 sales rupees 620000 sales return rupees 20000 opening stock rupees 40000 and purchase return rupees 7000?.
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