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Cyber Solutions Inc. has provided the following data for its first three months of operations: Month Sales Revenue () Purchases () Operating Expenses () Closing
Cyber Solutions Inc. has provided the following data for its first three months of operations:
Month | Sales Revenue (£) | Purchases (£) | Operating Expenses (£) | Closing Inventory (£) |
Jan | 80,000 | 50,000 | 20,000 | 10,000 |
Feb | 90,000 | 55,000 | 25,000 | 12,000 |
Mar | 100,000 | 60,000 | 30,000 | 15,000 |
Requirements:
- Calculate the Cost of Goods Sold (COGS) for each month.
- Determine the Gross Profit for each month.
- Prepare a quarterly income statement for the three months ended 31 March.
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