Reference no: EM132630847
Freedom Afloat is a shop which sells canoes and small sailing boats.
On the 1st January 2019 it had in stock 8 canoes which cost £550 each and 6 sailing boats which cost £1000 each.
During 2019 the following transactions took place:
Canoes Sailing Boats
Purchases per month Quantity Price Quantity Price
January - April 12 £550 10 £1100
May - August 25 £600 15 £1200
September - December 10 £600 8 £1100
Sales per month
January - May 7 £850 8 £1500
June - September 32 £900 18 £1600
October - December 10 £900 7 £1650
Employed one sales assistant at £18,500
Employed a part-time fitter at £14,000
Advertised in boating magazines at a cost of £200 per month
Paid rent at £2750 per quarter
Paid insurance of £1350
Paid a part-time bookkeeper £250 per month to keep the accounts
Paid a part-time cleaner £35 per week to clean the shop
Had vehicle expenses of £7500
Brought essential fittings for the boats at a cost of £4500
Required:
(a) Calculate the value of the Opening stock, Purchases, Sales and Closing stock.
(b) Make Trading and Profit and Loss account for the year ended 31st December 2019.
(c) Calculate the gross profit margin and the net profit margin as a percentage of sales.
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