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help Lily has an online business selling dresses that she designs and makes. It is quite common for customers to return items as they order
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Lily has an online business selling dresses that she designs and makes. It is quite common for customers to return items as they order the wrong size. During June 2020, Lily made sales worth 2100. Customer returns during June were 190. Also during June, Lily received some fabric from her supplier which she returned as the colour was different to what she expected. During June Lily's purchases were 660 and the batch she returned cost 30. Costs associated with having this inventory delivered (Carriage inwards) amounted to 60. During June, Lily decided to use some of the fabric to make herself a top, this fabric cost 20. Lily's inventory value: 1st June: 920 30th June: 650 Required: Show the above information in an Income Statement extract, clearly showing the Gross profit for JuneStep by Step Solution
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