Grant runs a retail store. His statement of profit or loss for the year ended 31 May 2021 was follows: Grant: Income statement (summarized) for the year ended 31 May 2021 Revenue Less: Cost of sales Opening inventory Purchases 75,550 461,473 537,023 Closing inventory (78,772) Gross Profit 686,004 458,251 227,753 Expenses excluding depreciation (143,270) Depreciation (21,420) Operating profit 63,063 Interest paid (1,857) Profit for the year 61,206