James Harry is a trader who sells all of his goods at 25 per cent...
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Accounting
James Harry is a trader who sells all of his goods at 25 per cent above cost. His records give the following information at 31 December 2021:
Inventories at 1 January 2021 9,872
Inventories at 31 December 2021 12,620
Sales for the year 60,000
You are required to:
(a) ascertain the cost of goods sold
(b) calculate the cost of purchases during the year
(c) calculate the profit earned by Harry.
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