The following information was obtained from the books of Lulu Traders on 31/12/2012. Kshs Purchases ...

      

The following information was obtained from the books of Lulu Traders on 31/12/2012.
Kshs
Purchases 1,350,000
Opening stock 170,000
Gross profit 200,000
Margin 20%

Calculate:
a)Cost of sales
b)Closing stock

  

Answers


Kavungya
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b) Cost of sales = Goods available for sale - closing stock
800000 = 1520000 - Closing stock
Closing stock = 720,000
N/B: Goods available for sale = opening stock + purchases
Kavungya answered the question on October 31, 2019 at 13:14


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