Question
In: Accounting
Cost of goods available for sales for Sigma Company is 420050, gross profit was 25%, sales...
Cost of goods available for sales for Sigma Company is 420050, gross profit was 25%, sales 200500. What is the cost of ending finished goods inventory?
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Expert Solution
Ans-
Closing stock = (opening stock + purchase/ cost of goods sold + gross profit ) - sales
Opening stock - Nil
Cost of goods sold- 420050
Gross profit - 25% of sales ( 200500*25%)- 50125
Sales- 200500
closing stock = (420050+50125)- 200500
Closing stock= 269675
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