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Sales when Opening stock is Rs. 50000.Purchase Rs.50000. Wages Rs. 20000;Closing stock Rs.40000 and Gross profit is 1/7th of Sales ?

Accounting Finance
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Question added by Dilip Kumar Rout
Date Posted: 2018/03/08
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Faisal Jawad CMA
by Faisal Jawad CMA , Chief Accountant , Teltonika Middle East

  Opening Inventory          50,000         Purchase          50,000         Wages          20,000         Closing Inventory       (40,000)                     Cost of Sales          80,000                               Let Sales x                     Equation x - 80000 = 1/7x                     Solving x     93,023.26                   Sales Will be    93,023.26       Cost of Sales    80,000.00                   GP      13,023.26           0.14 or 1/7 of sales

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