Cost of goods sold
This query is : Resolved
02 November 2011
june 2006:
opening stock 408000
credit sales 1500000
cash sales 200000
total sales 1700000
july 2006:
opening stock 434400
credit sales 1600000
cash sales 210000
total sales 1810000
aug 2006:
opening stock 460800
credit sales 1700000
cash sales 220000
total sales 1920000
selling price is 125% of the purchase price.
(1)The cost of goods sold for the month of june, 2006 is ???
(2) stock purchased in july,2006 is ???
opening stock 408000
credit sales 1500000
cash sales 200000
total sales 1700000
july 2006:
opening stock 434400
credit sales 1600000
cash sales 210000
total sales 1810000
aug 2006:
opening stock 460800
credit sales 1700000
cash sales 220000
total sales 1920000
selling price is 125% of the purchase price.
(1)The cost of goods sold for the month of june, 2006 is ???
(2) stock purchased in july,2006 is ???
CA RICHA BADALIA
(Expert)
02 November 2011
COGS=Opening stock+purchase-closing stock
=408000+(1700000/125*100+26400)-434400
=1360000
=408000+(1700000/125*100+26400)-434400
=1360000
Message likes :
1 times
02 November 2011
cost of goods sold for the month of june 2006 and stock purchased in july 2006???
CA RICHA BADALIA
(Expert)
02 November 2011
purchase=26400+1810000/125*100
=1474400
=1474400
CA PARAS BAFNA
(Expert)
05 November 2011
Cost of Goods sold for June can be directly computed from Sales only.
1700000*100/125=1360000
1700000*100/125=1360000
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
