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Fundamentals of financial accounting

16.2 A
$ $ %

Sales 87,129 125
Less: Cost of Sales
Opening inventory 6,137

Purchases 68,264
Closing inventory (4,698) 100
(87,129 x 100/125) (69,703)
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Gross profit 17,426 25
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CHAPTER 17 – THE FINANCIAL STATEMENTS OF SINGLE
ENTITIES

17.1 $51,200
Sales (Bal figure) 51,200

Less: Cost of sales
Opening inventory 3,000
Purchases 25,900

Inventory drawings (150)
Closing inventory (1,800)
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(26,950)

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24,250

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