ACCA F3 Incomplete
The following information is available about the transactions of Razil, a sole trader who does not keep proper accounting records:
Opening inventory $10,000
Closing inventory $12,500
Purchases $720,000
Gross profit as a percentage of sales 30%
Based on this information, what is Razil’s sales revenue for the year?
Suggest Solution:
| Opening Inventory | 10,000 |
| Add Purchases | 720,000 |
| Less Closing inventory | 12,500 |
| =Cost Of Sales | 717,500 |
| Sales = Cos / (1- gross profit margin) | 1,025,000 |
To do the same topic again in ACCA F3 Incomplete
To do another topic in ACCA F3