O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2013 · Q171 Mark
How can purchases be calculated?
Acost of goods sold – closing inventory – opening inventory
Bcost of goods sold – closing inventory + opening inventory
Ccost of goods sold + closing inventory – opening inventory
Dcost of goods sold + closing inventory + opening inventory
✓ Correct answer
C: cost of goods sold + closing inventory – opening inventory
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