Purchases 98,600 Stock Beginning 12,400 Stock ending 18,200 Expenses 11,700 Gross Profit margin 20% Calculate
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Purchases 98,600
Stock – Beginning 12,400
Stock – ending 18,200
Expenses 11,700
Gross Profit margin 20%
Calculate Sales, Gross profit, Net profit and net profit margin (8 Marks).
2.2
Sales 268,650
Stock – Open 55,300
Stock – Close 23,900
Interest on long-term loan 8,400
Salary owner 22,600
Drawings 6,200
Provision for bad debts 3,800
Stationery on hand 2,400
Stationery expense 800
Electricity Expense 1,200
Gross Profit Mark-up 25%
Calculate Purchases, cost of sales, gross profit, net profit and net profit margin (10 Marks)
2.3
Average inventory 36,800
Opening inventory 22,400
Expenses 8,300
Inventory turnover 3 times
Gross profit mark-up 25%
Calculate sales, purchases, closing stock, cost of sales, gross profit, net profit and net profit margin.
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