(12) Gross profit for 20x7 can be calculated from: A Purchases for 20x7, plus inventory at 31 December 20X7, less inventory at 1 January 20X7 B Purchases for 20x7, less inventory at 31 December 20X7, plus inventory at 1 January 20X7 C Cost of goods sold during 20x7, plus sales during 20X7 D Profit for the year for 20x7, plus expenses for 20x7