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Find out the amount of sales from the following information: 

Opening stock Rs. 30,000; Purchases less returns Rs. 2,00,000; Closing stock Rs. 20,000; Gross profit margin (oh sales) 30%?

1 Answer

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Best answer

Cost of goods sold = opening stock + net purchases – closing stock 

= 30,000 + 2,00,000 – 20,000

 = 2,10,000

Therefore, percentage of gross profit on cost of goods sold is 30/70 × 100 

= 42.85%. 

Gross profit = Rs. 2,10,000 × 30/70 

= Rs. 90,000

Sales = Cost of goods sold + Gross profit 

= 2,10,000 + 90,000 

= 3,00,000.

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