ACCA F3 Incomplete 3
A fixes prices to make a standard gross profit percentage on sales of 30%
The following information for the year ended 31 December 2014 is available to compute his total sales for the year.
| $ | |
| Opening inventory | 98,760 |
| Closing inventory | 107,648 |
| Purchases | 315,604 |
| Purchases Returns | 2,367 |
What is the sales figure for the year ended 31 December 2014?
SUGGESTED SOLUTIONS
| $ | |
| Opening inventory | 98,760 |
| Plus Purchases | 315,604 |
| Minus Purchases Returns | (2,367 ) |
| Minus Closing inventory | (107,648 ) |
| Cost of Sale | 304,349 |
Sales = Cos / (1- gross profit/100)
= 304,349 / (1- (30 /100))
= $434,784