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Question - A trader who commenced business on 1 January Year 9 reports the purchases and sales revenue for the year to 31 December Year 9 as £456,800 and £479,500 respectively. The gross profit was 20% of sales. What is the closing inventories figure?
A. £68,660
B. £73,200
C. £95,900
Assume that you are a technology services provider and you must decide whether to record revenue from the installation of computer software for one of your clients.
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