Question---Calculate closing stock from the followingOpening stock-200

Question---Calculate closing stock from the following
Opening stock-20000,cash sales-60000,credit sales-40000,purchases - 70000
Rate of gross profit on cost 33 1/3%

Palak Singhal

Jan. 21, 2017, 10:38 a.m.

Answers!

Davneet Singh

Jan. 21, 2017, 2:30 p.m.

Hi Palak

Let cost be x

Profit =33.33% of x=0.33x=x/3

Cost+Profit=Sales

x+X/3=Sales

4x/3=Sales

4x/3=40000+60000

4x/3=100000

x=100000*3/4

x=75000

Cost=75000

Opening stock+purchase-cl stock=75000

20000+70000-cl stock=75000

cl stock=20000+70000-75000=15000

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