The following information relates to Benja retail shop as at 31st December,2006
Opening stock sh.80,000
Closing stock sh.100,000
Sales sh. 325,000
Rate of stock turnover 3 times
Calculate :
i) The cost of goods sold
ii)The gross profit


Answer:

i) The cost of goods sold
solution:
rate of stock turnover=cost of goods/average stock
cost of goods sold=average stock


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