ACCA FA2 GROSS PROFIT
At 30 September 20X3 Pamela's inventory was valued at $40,000 and her trial balance included the following balances:
| DEBIT | CREDIT | |
| Sales | 100,000 | |
| Purchases | 40,000 | |
| Inventory at 1 Oct 20X2 | 90,000 | |
| Carriage inwards | 400 | |
| Postage | 200 | |
| Wages | 700 | |
| Advertising | 900 | |
| Other expenses | 100 |
What is Pamela's gross profit for the year to 30 September 20X3?
Suggested solutions
| $ | $ | |
| Sales | 100,000 | |
| Inventory at 1 Oct 20X2 | 90,000 | |
| Plus Purchases | 40,000 | |
| Plus Carriage inwards | 400 | |
| Less Inventory at 30 Sep 20X3 | 40,000 | |
| Cost of Sales | 90,400 | |
| Gross Profit | 9,600 |
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