## Answers

The basic formula for calculating cost of goods sold in the case of a merchant business is:

Opening stock + Net Purchases - Closing Stock.

Net Purchases = Purchases - Purchase Returns. (There is not purchase return given in question so it is ignored)

Also, goods available for sale = Opening stock + Net Purchases.

In case of manufacturing business,

Cost of goods sold = Opening stock + Cost of goods manufactured - Closing Stock

Beginning Inventory (+) Cost of purchases Goods available for sale (-) Ending Inventory Unimart 208000 Beginning Inventory 420000 (+) Cost of goods manufactured 628000 Goods available for sale -108000 (-) Ending Inventory 520000 Precision Manufacturing 416000 810000 1226000 -102000 1124000

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