O-LevelAccountingPreparation of financial statements7707/11 · Oct/Nov 2013 · Q201 Mark

Tim's gross profit was $32000. Opening inventory was $8000, purchases were $52000 and closing inventory was $10000. How much were the sales?

A$18000

B$50000

C$82000

D$102000

✓ Correct answer

C: $82000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2013 Paper 1 Variant 1, question 20.

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