Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

A sole trader gave the following financial information for the year ended 31 December 2018: purchases: $95000$ inward returns: $3300$ outward returns: $2100$ inventory taken for personal use: $5000$ Inventory on 31 December 2018 was valued at $1000$ more than inventory on 1 January 2018. What was the cost of sales?

  • A$85700$
  • B$86900$
  • C$89000$
  • D$97100$

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