Please answer this question in full.
Share
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Notional Sales =Sales+ Closing Inventory
=2245500+235000=2480500
Cost
(Gross purchases-trade discount) +Sales tax+packaging
(577500-17265)+61406+87500
707140
Profit = Notional sales-Cost
= 2480500-707140
1773360
So profit%= 1773360/2480500*100=71.5%
So, COST OF INVENTORY
Inventory at sale price 235000
Less- Adjusted selling price 168025
cost of inventory 66975