Answer to Question #130501 in Other for Fargo

Question #130501
Calculate the profit made by ABC Traders, showing your answer
in the form of a trading statement. (10 marks)
ABC Traders sells all goods at a margin of 33 1/3% above cost (thirty three
and a third per cent). The books give the following information at 31
December 2015:
Inventory 1 January 2015 N$96,000
Inventory 31 December 2015 N$120,620
Purchase amount N$320,300
Required to:
i. Ascertain cost of goods sold
ii. Show the value of purchase during the year
iii. Calculate the profit made by ABC Traders
Expert's answer
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