The following represents extracts from the trading account of a retail outlet for a given month: Opening stock #2,400; Closing stock #6,400; Other expenses #2,000; Sales #11,000; Profit #900. What is the purchase figure for the month?
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Correct Answer: Option A
Explanation:
Using the trading account formula, purchases are calculated to balance the cost of goods sold and profit figures.
Using the trading account formula, purchases are calculated to balance the cost of goods sold and profit figures.