Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year-end she had $5,400 left in inventory. All sales were made at a mark-up on cost of 20%. What is Prisha’s gross profit for the year?
Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year-end she had $5,400 left in inventory. All sales were made at a mark-up on cost of 20%. What is Prisha’s gross profit for the year?
Chapter3: Income Sources
Section: Chapter Questions
Problem 79P
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Prisha has not kept accurate accounting records during the financial year. She had opening
inventory of $6,700 and purchased goods costing $84,000 during the year. At the year-end
she had $5,400 left in inventory. All sales were made at a mark-up on cost of 20%.
What is Prisha’s gross profit for the year?
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