Opening inventory is £29,000, closing inventory is £31,000, purchases are £128,000, and purchase returns are £8,500.
Assume that the suppliers are always paid for in cash and returns are always received in cash, what is the charge to the income statement in the period.
A) £128,000
B) £117,500
C) £119,500
D) £117,000
Correct Answer:
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