Find out the value of opening …
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Find out the value of opening and closing stock from the following particular.
Total sales...............Rs300000
Gross profit......Rs20%on sales
Inventory turnover ratio...........4 times
Closing stock is more by rs. 6000than the opening stock
Posted by Aisha Singh 5 years, 4 months ago
- 5 answers
Riya Jain 5 years, 4 months ago
Cost of goods sold = 300000×100/120
". =250000.
Inventor turnover ratio = cost of good sold /
average inventory.
Let opening inventory =x, so closing inventory = 6000+x.
So.,...........average inventory = 6000+2x/2
......................= 3000+x
I.T.R = 25000/3000+x=4
So, x{opening inv.}= 59500
& closing = 59500+6000= 65500.
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Aisha Singh 5 years, 4 months ago
0Thank You