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P2 C5 ACCOUNTNG RATIOS AND ANALYSIS — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP2 C5 ACCOUNTNG RATIOS AND ANALYSIS1 Mark
Question
What is cost of goods sold?
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Answer

Cost of goods sold is determined as follows:
  • Opening stock of raw material $+$ Purchase of raw material $+$ purchase expenses Closing stock of raw material $=$ Cost of goods consumed.
  • Cost of goods consumed $+$ wages $+$ factory expenses $=$ Cost of goods sold

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