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 $70,000
Closing inventory $87,500
Purchases $960,000
Gross profit as a percentage of sales 50%
Based on this information, what is Razil’s sales revenue for the year?
Suggest Solution:
| Opening Inventory | 70,000 |
| Add Purchases | 960,000 |
| Less Closing inventory | 87,500 |
| =Cost Of Sales | 942,500 |
| Sales = Cos / (1- gross profit margin) | 1,885,000 |
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