- 1 Marks
FA – Nov 2014 – L1 – SA – Q16 – Financial Statements Preparation
Calculating sales revenue using the gross margin percentage and inventory figures.
Question
Winning Nigeria Limited has compiled the following information for the year ended 31 December, 2013:
- Opening inventory: N700,000
- Purchases: N1,200,000
- Closing inventory: N400,000
- The gross margin is 40%.
Based on these figures, what is the sales revenue for the year?
A. N1,500,000
B. N1,800,000
C. N2,000,000
D. N2,500,000
E. N2,700,000
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