If an entity has 2,500 in opening inventory, purchases 35,000 worth of inventory, paying an additional 1,500
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Question:
If an entity has £2,500 in opening inventory, purchases £35,000 worth of inventory, paying an additional £1,500 carriage inwards, pays £2,000 carriage outwards, receives £42,000 in sales, has £12,000 in closing inventory, rent income of £1,000 and other expenses of £8,000. Then its net profit is?
Multiple Choice
• £5,000
• £16,000
• £8,000
• £6,000
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