Question
Consider the following for Q Co. for the year
2021-22: • Cost of goods available for sale: ₹1,00,000 • Total sales: ₹80,000 • Opening inventory: ₹20,000 • Gross profit margin on sales: 25% Closing inventory of goods for the year 2021-22 is:Solution
Gross profit = 25% of ₹80,000 = ₹20,000 Cost of goods sold (COGS) = ₹80,000 – ₹20,000 = ₹60,000 Closing inventory = Cost of goods available for sale – COGS = ₹1,00,000 – ₹60,000 = ₹40,000
More Accounts Questions
Find the missing number in the given number series.
1, 2, 3, 6, 11, 20, ?97, 106, ?, 195, 411, 460
32, 48, 72, 108, ?, 243
168, 178, ?, 273, 400, 618, 963
What will come in place of the question mark (?) in the following series?
24, 36, 16, 46, 4, ?, -12Â
4, 5, 11, 34, 137, ?
4, 9, 24, 69, ?, 609
What will come in place of the question mark (?) in the following series?
?, 65, 37, 73, 29, 81
- Find the missing number in the given number series.
42, 37, 45, 40, 48, ? 945, 1890, ?, 504, 144, 32
