How to arrive at closing stock??? I have opening stock of 72 lacs (average costing without tax) and purchase of 49 lacs (with tax) and i did sales of 101 lacs (without tax). What is my closing stock then???? Should i add tax in sales and opening stock? Where all should tax be included and where all should tax NOT be included? Right now i calculated => 72(no tax)+49(with tax)-101(no tax) = 20 lacs. IS this correct?