28 July 2013
The total cost of goods available for sale with a company during the current year is `12,00,000 and the total sales during the period are `13,00,000. Gross profit margin of the company is 33 1/3 % on cost. The closing inventory for the current year would be (A) `4,00,000 (B) `3,00,000 (C) `2,25,000 (D) `2,60,000.
CAclubindia
