A business has the following items extracted from its accounting records. Sales 75,000, opening inventory...
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Accounting
A business has the following items extracted from its accounting records. Sales 75,000, opening inventory 5,000, closing inventory 7,500. The business applies a constant mark up of 25% on cost. The total purchases for the year are? a. 57,500 b. 72,500 c. 58,750 d. 62,500
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