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James Harry is a trader who sells all of his goods at 25 per cent...

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Accounting

James Harry is a trader who sells all of his goods at 25 per cent above cost. His records give the following information at 31 December 2021:

Inventories at 1 January 2021           9,872

Inventories at 31 December 2021   12,620

Sales for the year                               60,000


You are required to:

(a) ascertain the cost of goods sold

(b) calculate the cost of purchases during the year

(c) calculate the profit earned by Harry.

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