Resolved Question
How do you count the cost of good sold having the information below?
Sales 71,000
Opening stock 32,000
Purchases 35,000
Closing stock 32,000
my book says the cost of goods sold should be 35,000 and the profit 36,000. How did they come up with that sum?
Opening stock 32,000
Purchases 35,000
Closing stock 32,000
my book says the cost of goods sold should be 35,000 and the profit 36,000. How did they come up with that sum?
Best Answer - Chosen by Asker
cost of sales = opening stock + purchases - closing stock (32k + 35k - 32k) = 35k
Gross profit = sales - cost of sales (71k - 35k) = 36k
Hope this helps in some way.
Gross profit = sales - cost of sales (71k - 35k) = 36k
Hope this helps in some way.
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