O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2021 · Q281 Mark

Roshan's sales for his first year of trading were $55000. His gross profit margin was 20%. The closing inventory was $3200. What were the purchases for the year?

A$41250

B$44 000

C$44450

D$47 200

✓ Correct answer

D: $47 200

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2021 Paper 1 Variant 2, question 28.

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