L Hopes business has a rate of stock turnover of 8 times per year. Average stock is
Question:
L Hope’s business has a rate of stock turnover of 8 times per year. Average stock is £16,240. Mark-up is 60%. Expenses are 70% of gross profit.
You are to calculate:
(a) Cost of goods sold.
(b) Gross profit.
(c) Turnover.
(d) Total expenses.
(e) Net profit.
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a Cost of Goods Sold COGS COGS Average Stock Stock Turnover Rate COGS 16240 8 C...View the full answer
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Related Book For 
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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