Calculate the amount of: (a)Cost of goods available for sale (b)Cost of goods sold during the year Opening stock 25,000 Credit purchases 7,50,000 Cash purchases 3,00,000 Credit sales 12,00,000 Cash sales 4,00,000 Wages 1,00,000 Salaries 1,40,000 Closing stock 30,000 Sales return 50,000 Purchases return 10,000

Calculate the amount of: (a)Cost of goods available for sale (b)Cost of goods sold during the year Opening stock 25,000 Credit purchases 7,50,000 Cash purchases 3,00,000 Credit sales 12,00,000 Cash sales 4,00,000 Wages 1,00,000 Salaries 1,40,000 Closing stock 30,000 Sales return 50,000 Purchases return 10,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Calculate the amount of:

(a)Cost of goods available for sale

(b)Cost of goods sold during the year

Opening stock

25,000

Credit purchases

7,50,000

Cash purchases

3,00,000

Credit sales

12,00,000

Cash sales

4,00,000

Wages

1,00,000

Salaries

1,40,000

Closing stock

30,000

Sales return

50,000

Purchases return

10,000

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