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Illustration9 answers of chp financial statements1 |
| Answer» In the question we given that total purchase =800000 return outward I.e purchase return =20000 Direct expense =60000Now firstly we have to calculate first cost of good sold of total purchases In illustration you can see formula of cost of goodsoldAfter calculating cost of good sold ,we calculate 2/3 of cogs because the sale price given in the question is of 2/3 of goodAfter this calculate Gross profit =netsales - cost of good sold Note : purchase always refer to purchase of good | |