ACCA F3 Incomplete
The following information is available about the transactions of Razil, a sole trader who does not keep proper accounting records:
Opening inventory $60,000
Closing inventory $75,000
Purchases $1,080,000
Gross profit as a percentage of sales 70%
Based on this information, what is Razil’s sales revenue for the year?
Suggest Solution:
| Opening Inventory | 60,000 |
| Add Purchases | 1,080,000 |
| Less Closing inventory | 75,000 |
| =Cost Of Sales | 1,065,000 |
| Sales = Cos / (1- gross profit margin) | 3,550,000 |
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