Question: Can you explain the process for solving this general accounting question accurately? Lily's Boutique has not kept accurate accounting records during the financial year. She

Can you explain the process for solving this general accounting question accurately?

Lily's Boutique has not kept accurate accounting records during the financial year. She had an opening inventory of $8,000 and purchased goods costing $95,000 during the year. At year-end, she had $7,200 left in inventory. All sales are made at a markup on the cost of 25%. What is Lily's gross profit for the year

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