Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Part 1 of 1 Hide Time Remaining A Question 22 of 50 1 Points A sole trader operates his business from a warehouse, which has
Part 1 of 1 Hide Time Remaining A Question 22 of 50 1 Points A sole trader operates his business from a warehouse, which has been damaged by a fire, which occurred at the end of the financial year. After the fire, the remaining inventory that is undamaged amounts to GHC 2,000 (cost). The accountant establishes the following information: I Inventory at the beginning of the year was GHC 16,000 M Purchases during the year were GHC 115,000 III Sales during the year were GHC 140,000 IV The trader sells his goods at a mark-up of 25% of cost How much was the gross profit? O A. GHC 28,000 OB. GHC 35,000 C. GHC 32.750 D. GHC 25,000 Reset selection
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started