Homework Answers
Case 1
Opening Stock + Purchases + Transport - Discount - Returns - Closing Stock = Cost of Goods sold
Let Purhcase Discount be x ,
14000 = (6000+13000+1000)-( x+1600-4000)
14000 = 20000- x- 5600
14000 = 14400-x
x = 400
Therefore Purchase discount = $ 400 and cost of goods available for Sale = $ 18000( OP+Puchase +Transport - Discount - Returns)
Case 2
Opening Stock + Purchases + Transport - Discount - Returns - Closing Stock = Cost of Goods sold
Let opening Stock be x ,
13000 = (x+16000+2000)-(1800+1200+7000)
13000= x+18000-10000
13000 = x+8000
x = 5000
Opening Stock = $ 5000 and Cost of Goods sold = $ 20000 ( 5000+16000+2000-3000)
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