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Gross profit

The following totals appear in the day books for June 20X6.

  $

Sales day book   10,000

Purchases day book   5,000

Returns inwards day book   500

Returns outward day book   1,000

Opening and closing inventories are both $ 750.

What is the gross profit for June 20X6?

Answer

$   $

Sales   ………………………………………10,000

Returns inwards   ………………………(500)

Net sale…………………………………………………..9,500

Opening inventory  …………………. 750

Purchases ………………………………  5,000

Returns outwards  ……………….. (1,000)

Closing inventory  ………………… (750)

 Cost of sale……………………………………… (4,000)

Gross profit………………………………………   5,500

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