PQR Corporation provided the following information for the year ended 31 December 2020:

• Beginning Inventory: £25,000
• Ending Inventory: £20,000
• Net Purchases: £200,000
• Sales Revenue: £300,000

Requirements:

1. Calculate the Cost of Goods Sold (COGS) for the year.
2. Determine the Gross Profit for the year.
3.