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Calculate cost of goods from the following opening stock 40000 net purchase 50000 net sales 190000 wages and salaries 10000 rent paid 15000 closing stock 15000?
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Calculate cost of goods from the following opening stock 40000 net pur...
Calculating Cost of Goods
- Opening Stock: The value of goods available for sale at the start of the accounting period is 40000
- Net Purchase: The total cost of goods purchased during the accounting period is 50000
- Cost of Goods Available for Sale: This is the sum of the opening stock and net purchases, which is 90000 (40000 + 50000)
- Cost of Goods Sold: This is the cost of the goods that were sold during the accounting period, which is calculated by subtracting the closing stock from the cost of goods available for sale. In this case, the cost of goods sold is 75000 (90000 - 15000)
- Gross Profit: This is the difference between the net sales and the cost of goods sold. In this case, the gross profit is 115000 (190000 - 75000)
- Expenses: The wages and salaries and rent paid are expenses incurred during the accounting period. The total expenses are 25000 (10000 + 15000)
- Net Profit: This is the difference between the gross profit and the total expenses. In this case, the net profit is 90000 (115000 - 25000)
Therefore, the cost of goods sold for the accounting period is 75000.
Community Answer
Calculate cost of goods from the following opening stock 40000 net pur...
Open stock= 40000
Net purchase= 50000
Net sale =190000
Wage and salaries=10000
Rent paid =15000
Closing stock =15000
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Calculate cost of goods from the following opening stock 40000 net purchase 50000 net sales 190000 wages and salaries 10000 rent paid 15000 closing stock 15000?
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Calculate cost of goods from the following opening stock 40000 net purchase 50000 net sales 190000 wages and salaries 10000 rent paid 15000 closing stock 15000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Calculate cost of goods from the following opening stock 40000 net purchase 50000 net sales 190000 wages and salaries 10000 rent paid 15000 closing stock 15000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate cost of goods from the following opening stock 40000 net purchase 50000 net sales 190000 wages and salaries 10000 rent paid 15000 closing stock 15000?.
Calculate cost of goods from the following opening stock 40000 net purchase 50000 net sales 190000 wages and salaries 10000 rent paid 15000 closing stock 15000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Calculate cost of goods from the following opening stock 40000 net purchase 50000 net sales 190000 wages and salaries 10000 rent paid 15000 closing stock 15000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate cost of goods from the following opening stock 40000 net purchase 50000 net sales 190000 wages and salaries 10000 rent paid 15000 closing stock 15000?.
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