EXPLAIN FOR 3 MARKS ( each or both ) Ascertain Cost of Goods Sold and Gross profit from the following:
Carriage outwards Rs.15,200; Sales Rs.1,20,000; Return Inwards Rs. 12,000; Opening
Inventory Rs. 16,000; Wages Rs. 18,600; Purchases Rs.72,000; Return Outwards Rs.
8,000; Closing Inventory. Rs.28,000.

OR
Calculate Gross Profit when Total Purchases during the year are Rs.
8,00,000; Returns Outward Rs. 20,000; Direct Expenses Rs. 60,000 and
2/3rd of the goods are sold for Rs. 16,10,000.