Question
A trader purchased certain articles for 155,000. He sold
some of articles for 200000. The average percentage of gross margin is 25% on cost. Opening stock of inventory at cost was 30,000. Calculate the cost of closing inventory as per AS 2.Solution
Cost of the item sold: 200000/125*100 = 160,000 Purchase price and opening stock are given in question: 155000 + 30,000 = 1,85,000 So out of 185,000 we have sold 160000 worth of articles Closing stock: 1,85,000 – 1,60,000 = 25,000
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