Questions 1. Johnson and daughters Ltd company senior management have been presented with the following financial statement: Johnson and daughters Ltd Income statement for the year ended 31 December 2020 2021 000 Sales revenue 000 3,600 000 000 3,840 Cost of sales Opening inventories 250 300 Purchases 1400 2,450 1,650 2,750 Closing inventories (500) (1.150) (500) (2.250) Gross profit 2,450 1,590 Expenses (1,250) (510) Profit 1.200 1080