R. Jack gives you the following information as at 31 March 2018: Jack's mark-up is 40% on

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R. Jack gives you the following information as at 31 March 2018:

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Jack's mark-up is 40% on 'cost of goods sold'. His average inventory during the year was £17,000.
Draw up a statement of profit or loss for the year ending 31 March 2018.

(a) Calculate the closing inventory as at 31 March 2018.

(b) State the total amount of profit and loss expenditure Jack must not exceed if he is to maintain a net profit on sales of 8%.

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Frank Woods Business Accounting Volume 1

ISBN: 9781292084664

13th Edition

Authors: Alan Sangster, Frank Wood

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Question Posted: Mar 28, 2024 04:05 AM

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R. Jack gives you the following information as at 31 March 2018: Jack's mark-up is 40% on

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Inventory 1 April 2017 Purchases 14,000 82,000

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To prepare the statement of profit or loss for the year ending 31 March 2018 we need to consider the ...View the full answer

Frank Woods Business Accounting Volume 1

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