ACCA FA2 GROSS PROFIT
At 30 September 20X3 Pamela's inventory was valued at $90,000 and her trial balance included the following balances:
| DEBIT | CREDIT | |
| Sales | 900,000 | |
| Purchases | 360,000 | |
| Inventory at 1 Oct 20X2 | 20,000 | |
| Carriage inwards | 200 | |
| Postage | 500 | |
| Wages | 900 | |
| Advertising | 300 | |
| Other expenses | 500 |
What is Pamela's gross profit for the year to 30 September 20X3?
Suggested solutions
| $ | $ | |
| Sales | 900,000 | |
| Inventory at 1 Oct 20X2 | 20,000 | |
| Plus Purchases | 360,000 | |
| Plus Carriage inwards | 200 | |
| Less Inventory at 30 Sep 20X3 | 90,000 | |
| Cost of Sales | 290,200 | |
| Gross Profit | 609,800 |
To do the same topic again in ACCA FA2 Gross Profit
To do another topic in ACCA FA2