Jim St Cloud operates a wholesale clothing operation called St Cloud’s Designs. All the sales and purchases of the business are made on credit. The opening and closing balances for accounts receivable, inventory and accounts payable are shown below.

During the reporting period, Jim St Cloud received $60000 from accounts receivable and paid $38000 to suppliers.

Required
Calculate the revenue from sales, cost of sales and gross profit for the reporting period for St Cloud’s Designs.

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Accounts receivable Inventory Accounts payable At start of period $ 4000 13 000 5 000 At end of period $ 6800 16 200 7100