Page No 4.112:
Question 81:
From the following information, calculate value of Opening Inventory:
|
Closing
Inventory |
= |
` 68,000 |
|
Total
Sales |
= |
` 4,80,000 (including Cash Sales
`
1,20,000) |
|
Total
Purchases |
= |
` 3,60,000 (including Credit Purchases
`
2,39,200) |
Goods
are sold at a profit of 25% on cost.
Answer:
Let Cost of Goods Sold be = x
Gross profit=X×25/100=25X/100
Cost of goods sold = Sales – Gross profit
Or X=4,80,000-25X/100
Or X+25X/100=4,80,000
Or 125X/100=4,80,000
X=4,80,000×100/125=3,84,000
Cost of Goods Sold = x = ` 3,84,000
Cost of Goods Sold = Opening Inventory (Stock) + Purchases − Closing Inventory (Stock)
3,84,000 = Opening Inventory + 3,60,000 − 68,000
Opening Inventory = 3,84,000 − 2,92,000 = ` 92,000
Page No 4.112:
Question 82:
From the following information, determine
Opening and Closing inventories:
Inventory Turnover Ratio 5 Times, Total sales `2,00,000, Gross
Profit Ratio 25%. Closing Inventory is more by
`4,000
than the Opening Inventory.
Answer:
Sales = 2,00,000
Gross Profit = 25% on Sales
Gross Profit = 2,00,000×25/100=50,000
Cost of Goods Sold = Total Sales − Gross Profit
= 2,00,000 − 50,000 = 1,50,000
Inventory tunover ratio= Cost of goods sold / Average Stock
5=1,50,000/ Inventory tunover
Inventory tunover=30,000
Let Opening Inventory = x
Closing Inventory = x + 4,000
|
Average Stock |
=
Opening Stock + Closing Stock |
30,000=X+X+4,000/2
Or, 60,000=2X+4,000
Or, X=28,000
Opening Inventory = x = ` 28,000
Closing Inventory = x + 4,000 = 28,000 + 4,000 = ` 32,000
Page No 4.112:
Question
83:
Inventory Turnover Ratio 5 times; Cost of Revenue from Operations (Cost of Goods Sold) ` 18,90,000. Calculate Opening Inventory and Closing Inventory if Inventory at the end is 2.5 times more than that in the beginning.
Answer:
Inventory tunover ratio= Cost of goods sold / Average Stock
5=18,90,000/Average Inventory
Average Inventory=3,78,000
Let Opening Inventory = x
Closing Inventory = 2.5x + x = 3.5 x
Average Inventory = Opening Inventory + Closing Inventory /2
3,78,000=X+3.5X/2
Or, 4.5X =7,56,000
Or, X =1,68,000
Opening Inventory = x = ` 1,68,000
Closing Inventory = 3.5 x = 3.5 × 1,68,000 = ` 5,88,000
Page No
4.112:
Question
84:
` 3,00,000 is the Cost
of Revenue from Operations (Cost of Goods Sold).
Inventory Turnover Ratio 8 times; Inventory in the beginning is 2 times more
than the inventory at the end. Calculate value of Opening and Closing
Inventories
Answer:
Inventory tunover ratio= Cost of
goods sold / Average Inventory
8=3,00,000/Average Inventory
Average Inventory=37,500
Let Closing Inventory = x
Opening Inventory = 2x + x = 3x
Average Inventory = Opening Inventory + Closing Inventory /2
37,500=3.5X+X/2
Or, 4X =75,000
Or, X =18,750
Closing Inventory = x = ` 18,750
Opening Inventory = 3x = 3 ×18,750 = ` 56,250
Page No
4.112:
Question
85:
|
Credit
Revenue from Operations, i.e., Net Credit Sales for the year |
1,20,000 |
|
Debtors |
12,000 |
|
Billls Receivable |
8,000 |
Calculate
Trade Receivables Turnover Ratio.
Answer:
Trade receivable turnover ratio= Net sales/ Debtors+Bills receivable
Trade receivable turnover ratio= 1,20,000/12000+8,000=6 Times
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