ACCA FA2 GROSS PROFIT
At 30 September 20X3 Pamela's inventory was valued at $80,000 and her trial balance included the following balances:
| DEBIT | CREDIT | |
| Sales | 300,000 | |
| Purchases | 120,000 | |
| Inventory at 1 Oct 20X2 | 80,000 | |
| Carriage inwards | 800 | |
| Postage | 600 | |
| Wages | 700 | |
| Advertising | 200 | |
| Other expenses | 200 |
What is Pamela's gross profit for the year to 30 September 20X3?
Suggested solutions
| $ | $ | |
| Sales | 300,000 | |
| Inventory at 1 Oct 20X2 | 80,000 | |
| Plus Purchases | 120,000 | |
| Plus Carriage inwards | 800 | |
| Less Inventory at 30 Sep 20X3 | 80,000 | |
| Cost of Sales | 120,800 | |
| Gross Profit | 179,200 |
To do the same topic again in ACCA FA2 Gross Profit
To do another topic in ACCA FA2