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Don Pedro has not kept accurate accounting records during the financial year. He had      opening inventory of $6,700. Additional goods were  purchased during the  year.  At the      year end he had $5,400 left in inventory. Total sales  was  $102,360  All sales are made at a        mark up on cost of 20%.           What is Don Pedro’s gross profit for the year?   a. $13,750 b. $17,060     c. $16,540 d. $20,675

Don Pedro has not kept accurate accounting records during the financial year. He had      opening inventory of $6,700. Additional goods were  purchased during the  year.  At the      year end he had $5,400 left in inventory. Total sales  was  $102,360  All sales are made at a        mark up on cost of 20%.           What is Don Pedro’s gross profit for the year?   a. $13,750 b. $17,060     c. $16,540 d. $20,675

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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Don Pedro has not kept accurate accounting records during the financial year. He had

     opening inventory of $6,700. Additional goods were  purchased during the  year.  At the

     year end he had $5,400 left in inventory. Total sales  was  $102,360  All sales are made at a  

     mark up on cost of 20%.

 

 

      What is Don Pedro’s gross profit for the year?

 

a. $13,750
b. $17,060    
c. $16,540
d. $20,675
 
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