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Calculate the gross profit for the year and inventory value

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A retail of designer menswear reports the followings

§ Opening inventory = £184,800

§ Purchases = £752,400

§ Sales = £858,600

§ Closing inventory = £248,200

The closing inventory includes £30,000 being the cost of 200 pairs of trousers damage in storage. If repaired at a cost of £40 a pair, the trousers may be sold for £100 a pair.

Problem 1: Calculate the gross profit for the year and the inventory value in the year-end Statement of financial position.

Reference no: EM132765518

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