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Calculate gross profit and gross profit percentage on sales

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Reference no: EM132494253

Question - The following information relates to PAT STORES with financial year end 28 February 2019:

Sales 400 000

Purchases 155 000

Inventory (01/03/2018) 8 000

Inventory (28/02/2019) 18 000

Carriage on sales 10 000

Railage on purchases 5 000

Required -

1. Calculate gross profit and gross profit percentage on sales for the year ended 28 February 2019.

2. Discuss the objectives of financial statements according to the accounting framework.

Reference no: EM132494253

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