Question 2 Gross profit for 20x7 can be calculated from: . A Purchases for 20X7, plus inventory at 31 December 20X7, less inventory at 1 January 20X7 . B Purchases for 20X7, less inventory at 31 December 20X7, plus inventory at 1 January 20X7 . Cost of goods sold during 20X7, plus sales during 20X7 .D Profit for the year for 20X7, plus expenses for 20X7