Gross profit ( video below)
| The following totals appear in the day books for June 20X6. | |
| $ | |
| Sales day book | 10,000 |
| Purchases day book | 5,000 |
| Returns inwards day book | 500 |
| Returns outward day book | 1,000 |
| Opening and closing inventories are both $ 750. | |
| What is the gross profit for June 20X6? | |
| Answer | ||
| $ | $ | |
| Sales | 10,000 | |
| Returns inwards | (500) | |
| 9,500 | ||
| Opening inventory | 750 | |
| Purchases | 5,000 | |
| Returns outwards | (1,000) | |
| Closing inventory | (750) | |
| (4,000) | ||
| Gross profit | 5,500 |
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