The closing stock of LMN Traders was £I0000 higher at the end of the year than at the commencement. Sales for the year were £250000 and purchases were

£140000. As a result:

(a) Cost of goods available for sale was £130000 ;

(b) Cost of goods sold was £150000;

(c) Gross profit was £130000;

(d) Gross profit was £120000.