R. Jack gives you the following information as at 31 March 2014: Jacks mark-up is 40% on
Question:
R. Jack gives you the following information as at 31 March 2014:
Jack’s mark-up is 40% on ‘cost of goods sold’. His average inventory during the year was £17,000. Draw up an income statement for the year ending 31 March 2014.
(a) Calculate the closing inventory as at 31 March 2014.
(b) State the total amount of profit and loss expenditure Jack must not exceed if he is to maintain a net profit on sales of 8%.
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Step by Step Answer:
To create an income statement for R Jack and to address parts a and b of your question we first need to calculate the cost of goods sold COGS closing ...View the full answer
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