The following information relates to PAT STORES with the financial year ending 28 February 2019: Sales Purchases 400,000 155,000 Inventory (01/03/2018) 8,000 Inventory (28/02/2019) 18,000 Carriage on sales 10,000 Railage on purchases 5,000 Required: Calculate gross profit and gross profit percentage on sales for the year ended 28 February 2019.
The following information relates to PAT STORES with the financial year ending 28 February 2019: Sales Purchases 400,000 155,000 Inventory (01/03/2018) 8,000 Inventory (28/02/2019) 18,000 Carriage on sales 10,000 Railage on purchases 5,000 Required: Calculate gross profit and gross profit percentage on sales for the year ended 28 February 2019.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
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