The following information was obtained from the records of Omni Traders on 29 February 2020, the end of the financial year,

Sales	R250 000
Purchases	R120 000
Sales returns	R4 000
Purchases returns	R7 500
Carriage on purchases	R2 500
Carriage on sales	R3 000
Import duties on purchases	R2 000
Opening inventory	R19 000
Closing inventory	R21 000

The gross profit for the year ended 29 February 2020 is _______.

Question 3Answer

A.

R129 500

B.

R131 000

C.

R132 000

D.

R131 500