Part A (10 marks) US$ Rate A$ Sales 190 000 Opening Inventory 30 000 Purchases 120 000 Closing Inventory (35 000) Cost of Goods Sold 115 000 Gross Profit 75 000 Depreciation 19 000 Interest 4 000 Other 25 000 Profit before tax 27 000 Income Tax Expense (8 100) Profit after Tax 18 900 Opening Retained Earnings 50 000 Dividend paid (6 500) Dividend declared (9 000) Closing Retained Earnings 53 400