If opening stock is $10, 000$ , Purchases $20, 000$ , Direct expenses $10, 000$ , Indirect expenses $30, 000$ . Find the value of cost of goods sold?

10, 000

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20, 000

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30, 000

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40, 000

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Solution

The correct option is C $40, 000$
Cost of goods sold = Opening Stock + Direct Material + Direct Expenses
= $10, 000 + 10, 000 + 20, 000 = 40, 000$

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Similar questions

Prepare Comparative Income Statement from the following information:

Particulars	2015-16 Rs.	2016-17 Rs.
Manufacturing expenses	35,000	80,000
Opening stock	30,000	60% of closing stock
Sales	9,60,000	4,50,000
Returns outward	4,000 (out of credit purchase)	6,000 (out of cash purchase)
Closing stock	150% of opening stock	1,00,000
Credit purchases	1,50,000	150% of cash purchase
Cash purchases	80% of credit purchases	40,000
Carriage outward	10,000	30,000
Building	1,00,000	2,00,000
Depreciation on building	20%	10%
Interest on bank overdraft	5,000	-
10% debentures	2,00,000	20,00,000*
Profit on sale of copyright	10,000	20,000
Loss on sale of personal car	10,000	20,000
Other operating expenses	20,000	10,000
Tax rate	50%	40%

*There is a misprint in the book, this should be 2,00,000

Employee Benefit expenses is 10,000;
Cost of revenue from operation = 60,000;
Opening Inventory is 30,000 and
Average Inventory is 20,000.
Calculate Inventory Turnover Ratio

Particulars	Rs.
Sales	$15, 000$
Opening Stock	$6, 000$
Purchases	$10, 000$
Closing Stock	?
Cost of goods sold	$9, 000$
Gross Profit	?
Selling Expenses	$4, 000$
Net Profit	?

The value of closing stock is?

Particulars	Rs.
Sales	$15, 000$
Opening Stock	$6, 000$
Purchases	$10, 000$
Closing Stock	?
Cost of goods sold	$9, 000$
Gross Profit	?
Selling Expenses	$4, 000$
Net Profit	?

Gross profit will be.

Prepare Comparative Income Statement from the following information:

Particulars	2016-17 Rs.	2015-16 Rs.
Freight Outward	20,000	10,000
Wages (office)	10,000	5,000
Manufacturing Expenses	50,000	20,000
Stock adjustment	(60,000)	30,000
Cash purchases	80,000	60,000
Credit purchases	60,000	20,000
Returns inward	8,000	4,000
Gross profit	(30,000)	90,000
Carriage outward	20,000	10,000
Machinery	3,00,000	2,00,000
Charge 10% depreciation on machinery	10,000	5,000
Interest on short-term loans	20,000	20,000
10% debentures	20,000	10,000
Profit on sale of furniture	20,000	10,000
Loss on sale of office car	90,000	60,000
Tax rate	40%	50%

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If opening stock is 10,000, Purchases 20,000 , Direct expenses 10,000 , Indirect expenses 30,000. Find the value of cost of goods sold?

The correct option is C 40,000Cost of goods sold = Opening Stock + Direct Material + Direct Expenses= 10,000+10,000+20,000=40,000

If opening stock is $10, 000$ , Purchases $20, 000$ , Direct expenses $10, 000$ , Indirect expenses $30, 000$ . Find the value of cost of goods sold?

The correct option is C $40, 000$
Cost of goods sold = Opening Stock + Direct Material + Direct Expenses
= $10, 000 + 10, 000 + 20, 000 = 40, 000$