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Question

Sales - Rs.1,60,000, Returns Inwards - Rs. 10,000, Gross Profit - Rs. 60,000 and Returns outwards - Rs. 15,000. The cost of goods sold is:

A
Rs. 60,000
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B
Rs. 70,000
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C
Rs. 80,000
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D
Rs. 90,000
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Solution

The correct option is D Rs. 90,000
Cost of goods sold :
= Sales - ( Returns Inwards + Gross Profit )
= Rs. 1,60,000 - (Rs. 10,000 + Rs. 60,000)
= Rs. 90,000

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