Accounting 9706 · AS & A Level · Analysis and communication of accounting information

Analysis and communication of accounting information — practice question

The business had an opening inventory of $60\,000$. Its closing inventory was $80\,000$. Inventory turnover for the year came to $10$ times. Gross margin stood at $30\%$. Calculate the sales for the year.

  • A$300\,000$
  • B$700\,000$
  • C$720\,000$
  • D$1\,000\,000$

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