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    asimzaeem Posts: 1, Reputation: 1
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    Dec 31, 2013, 03:04 PM
    Cost of goods sold
    (b) On 1st June an initial stock of goods will be purchased for £96,000 payable in July. All goods sold from 1st June will be replaced immediately. Purchases will be on two months credit.

    (c) Gross profit will be 331/3% on the cost of goods.
    __________________________________________________ ________


    I know that Cost of Goods sold is
    Beginning stock + Purchases - ending stock

    Beginning stock is £96000 but I am not sure how to calculate the other two items

    Similarly what will be the answer of part c

    Thanks

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