Question
Particulars K'000 K'000 Sales $3,600 Less: Cost of goods sold Opening inventory $320 (+) Net purchases $2,280 (-) Closing inventory (Step 1) -$150 $2,450 Gross
| Particulars | K'000 | K'000 |
| Sales | $3,600 | |
| Less: Cost of goods sold | ||
| Opening inventory | $320 | |
| (+) Net purchases | $2,280 | |
| (-) Closing inventory (Step 1) | -$150 | $2,450 |
| Gross profit | $1,150 | |
| Less: Depreciation (Step 1) | $118 | |
| Less: Administration expense (Step 1) | $662 | |
| Net profit | $370 |
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
8th Edition
1119791057, 978-1119791058
