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Inventory turnover ratio = 5 times …

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Inventory turnover ratio = 5 times Revenue from operations = 292500 Gross profit on cost = 30% closing stock = 40000 more than opening inventory calculate opening inventory and closing inventory

Posted by Bhumika Swami 5 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Parichay Story 5 years, 2 months ago

R.f.o. =cost of r.f.o +g.p. 292500 = x +30x/100 292500 =130x/100 292500*100/130 =x 225000= x(cost of r.f.o) ITR = COST OF RFO / AVG. INVENTORY 5 = 225000/y Y = 45000 AVERAGE INVENTORY = (OPEN. + CLOSING.)/2 45000 ={ x+(x+40000)}/2 90000 = 2x+ 40000 2x= 50000 X= 25000 Opening = 25000 Closing =25000+40000 = 65000

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