Question: National Retail Stores has identified the following data from its accounting records for the year ended 31 December: sales 1,100,000; purchases 650,000; expenses 275,000. It

National Retail Stores has identified the following data from its accounting records for the year ended 31 December: sales £1,100,000; purchases £650,000;

expenses £275,000. It had an opening stock of £150,000 and a closing stock of £200,000.

Calculate the:

gross profit; and operating profit.

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