Use the following information from the records of Mooree Retail Ltd to determine gross profit for the year ended 30 June 2019. Mooree Ltd uses the periodic inventory system. $ Purchases 117,120 Inventory, 1 July 2018 9,780 Inventory, 30 June 2019 13.130 Sales 171.840 Freight onwards 2.885 Purchases returns and allowances 3156 Sales returns and allowances 4440 Freight inwarts 2.270 Gross profit for year ended 30 June 2019 is: Select one 0547,816 b.154516 556.786 d. 360.356 None of the above Which of the following combinations of equations calculates the cost of Goods Sold for a period in which sales and purchases were made? 1 Opening Stock Closing Stock Purchases for the period Goods available for sale IV Select one b. N.1 CN- d. 1 in IV e. None of the above it a business had cash sales of 516,000 credit sales of 528,600, customer returns of 5560 and discount allowed of $2,800. What would be the amount reported for net sales? Select one a 528,010 ob: 525.240 0 C4040 Od 541.240 541,800 Which of the following statements relating to the Accumulated Depreciation account is not correct? Select one a. It normally has a credit balance b. it is included as part of assets in the statement of financial position c. It is said to be a contra account d. It reflects the portion of the cost of the asset that has been assigned to expense since the item was purchased e. It reflects the market value of an asset