Homework Answers
Calculation of the Sales revenue
Step 1 : Cost of Sales
Cost of sales or cost of goods sold = Opening Inventory + Purchases - Closing Inventory
Opening Inventory = 386,200
Purchases = 989,000
Closing Inventory = 422,700
Cost of sales = 386,200 + 989,000 - 422,700 = 952,500
Step 2 : Profit
Mark up = 40%
Cost of sales = 952,500
Profit = 952,500 * 40% = 381,000
Step 3 : Sales Revenue
Cost of sales = 952,500
Profit = 381000
Sales Revenue = Cost of Sales + Profit
| Sales Revenue = 952,500 + 381,000 = 1,333,500 |
All the best...
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