A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2016 · Q211 Mark

A business provides the following information. gross margin 20% $ sales 275325 opening inventory 25450 closing inventory 55975 What are the purchases?

A$189735

B$220 260

C$250785

D$259963

✓ Correct answer

C: $250785

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2016 Paper 1 Variant 2, question 21.

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