Question: Calculate the gross profit for the year ended 28 Feb: info: Opening inventory 400 000 Sales 2 400 000 Sales return 80 000 Cash purchase

Calculate the gross profit for the year ended 28 Feb:


info:

Opening inventory 400 000

Sales 2 400 000

Sales return 80 000

Cash purchase 1 000 000

Credit purchase 772 000

Purchases returns 60 000

carriage on purchase 48 000

carriage on sales R72 000

added info: A physical count of merchandise on 28 Feb 2021 revealed and inventory figure of 560 000 at cost price.

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