Question 8
The following information relates to Raisa’s grocery store as at 31st December 2018.
Le
Stock – Ist January 2018 20,000
Purchases 150,000
Sales 230,000
Carriage inwards 4,000
Rent received 80,000
Salaries 29,000
Stock – 31st December 35,000
You are required to calculate:
- cost of goods sold;
- gross profit;
- net profit;
- percentage of gross profit.
Observation
Many candidates attempted this question and their performance was good.
The expected responses are:
