During the year to 31 March 2013, a firm earns £50,000 sales revenue. During the year it spent £24,000 purchasing goods for resale. Inventory as at 1 April 2012 was valued at £8,500 and by the end of the year this had risen to £9,900.
| £ Don't use plagiarized sources. Get Your Custom Essay on during the year to 31 march 2013 a firm earns pound 50 000 sales revenue during the 611244 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | £ | |
| Sales | 50,000 | |
| Less Cost of goods sold: | ||
| Opening inventory | 8,500 | |
| Purchases | 24,000 | |
| 32,500 | ||
| Less Closing inventory | 9,900 | 22,600 |
| Gross profit | 27,400 |
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