- production cost accounting
- profit accounting
- sell stock
When you say 'cost of goods', do you mean 'purchases' or 'cost of goods sold'.
Since you mention closing stock, that suggests you mean 'purchases = 80,000. Otherwise the closing stock figure would be irrelevant.
If you spent 80,000 on stock and still have 20,000 left, the cost of goods sold would be 60,000.
If you sold these for 100,000 (I am assuming that is what you meant to type), then the gross profit would be 100,000 - 60,000 = 40,000.
If the cost of goods sold is 80,000, then the gross profit would be 20,000 and the closing stock figure would not make any difference.
Since you mention closing stock, that suggests you mean 'purchases = 80,000. Otherwise the closing stock figure would be irrelevant.
If you spent 80,000 on stock and still have 20,000 left, the cost of goods sold would be 60,000.
If you sold these for 100,000 (I am assuming that is what you meant to type), then the gross profit would be 100,000 - 60,000 = 40,000.
If the cost of goods sold is 80,000, then the gross profit would be 20,000 and the closing stock figure would not make any difference.
Cost of goods = 80,000 net sales= 1,00,000 closing stock = 20,000 what is the gross profit?
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