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Heather has not kept accurate accounting records during the financial year ended on December 31, 2021. He had opening inventory of $6,700 and purchased goods
Heather has not kept accurate accounting records during the financial year ended on December 31, 2021. He had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year end, he had $5,000 left in inventory at the warehouse onsite. At the year end, he had $2,000-worth inventory goods-in-transit that are on the way to one of his customers, with the FOB destination term. The gross profit margin ratio during the year is 25%.
What is the dollar amount of Heathers gross profit for the year ended on December 31, 2021?
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