Purchases are 1,50,000, closing stock is 30,000, sales are 2,20,000 and gross profit is 40,000. What is the opening stock?
Correct answer B. 60,000
Explanation
Cost of goods sold = sales - gross profit = 1,80,000. Opening stock = 1,80,000 - 1,50,000 + 30,000 = 60,000.
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