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If Sales Are £200,000, Opening Inventory Is £20,000, Purchases for the Year

Question 1

Multiple Choice

If sales are £200,000, opening inventory is £20,000, purchases for the year are £100,000 and gross profit is £110,000, what is the figure for closing inventory?


A) £10,000
B) £30,000
C) £80,000
D) £90,000

Correct Answer:

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