O-LevelAccountingPreparation of financial statements7707/12 · May/June 2013 · Q161 Mark
Fatima opened a department store on 1 January 2012. She provided the following information on 31 December 2012. department X $ department Y $ revenue 100000 60 000 sales returns 14000 8000 purchases 80000 40 000 carriage outwards – 1000 carriage inwards 5000 – At 31 December 2012 inventory was valued at $16000 of which 75% related to Department X. What was the gross profit of department Y?
A$15000
B$16000
C$23000
D$24000
✓ Correct answer
B: $16000
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