Consider the following for Alpha Co. for the year 2005-06: Cost of goods available for sale Rs.1,00,000 Total sales Rs.80,000 Opening stock of goods Rs.20,000 Gross profit margin Rs.25% Closing stock of goods for the year 2005-06 was (a) Rs.80,000 (b) Rs.60,000 (c) Rs.40,000 (d) Rs.36,000.
25 February 2011
Sales 80000/- Gp 25% =20000 Cost of Goods Sold Rs.60000 Opening Stock =20000 Goods available for Sale 100000 Total Available for Sale (20000+100000)(Assuming goods available for sale do not include Opening stock) Closing Stock = 120000-60000=60000/-
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