Bloom has sales of £12,000.The gross profit percentage is 25% of sales.If opening stock was £300 and closing stock £250,what were Bloom's purchases?

Question

Quizplus · Accepted Answer

Gross profit is £3,000 (25% of £12,000 sales). Cost of goods sold is £9,000 (£12,000 - £3,000). Using the formula: Opening Stock + Purchases - Closing Stock = Cost of Goods Sold, we have £300 + Purchases - £250 = £9,000. Solving for Purchases gives £3,050.

Bloom Has Sales of £12,000