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InfoTech Innovations Ltd provided the following information for the year ended 31 December 2020: Beginning Inventory: 40,000 Ending Inventory: 30,000 Net Purchases: 300,000 Sales Revenue:
InfoTech Innovations Ltd provided the following information for the year ended 31 December 2020:
- Beginning Inventory: £40,000
- Ending Inventory: £30,000
- Net Purchases: £300,000
- Sales Revenue: £450,000
Requirements:
- Calculate the Cost of Goods Sold (COGS) for the year.
- Determine the Gross Profit for the year.
- Prepare a classified income statement for InfoTech Innovations Ltd for the year ended 31 December 2020.
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Financial accounting
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
8th Edition
9780135114933, 136108865, 978-0136108863
