Question 8 (1 point) An entity begins a business with $7,000 cash introduced by its owner on 1 April 2021. Expenses of $1,375 were paid during the year ended 31 March 2022. During the year goods were sold for $5,420 including sales on credit worth $3,500. In the Statement of Profit or Loss, the Gross Profit and Net Profits were $3,170 and $1,795 respectively. If closing inventory was $1.200, calculate the value of purchases in the year ended 31 March 2022 $3,450 $4.825 $8,325 $4,550