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    Patrick's business financial statement for May 31, 2020 shows revenue of $200,000 with cost of goods sold of $90,000 resulting in a gross profit of $190,000. Inventory, purchases, and carriage inwards contributed to cost of goods sold, while return inwards, closing inventory, and return outwards were deducted from it.

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    Patrick's business financial statement for May 31, 2020 shows revenue of $200,000 with cost of goods sold of $90,000 resulting in a gross profit of $190,000. Inventory, purchases, and carriage inwards contributed to cost of goods sold, while return inwards, closing inventory, and return outwards were deducted from it.

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    17 views1 page

    Dorothy

    Uploaded by

    Daniel
    Patrick's business financial statement for May 31, 2020 shows revenue of $200,000 with cost of goods sold of $90,000 resulting in a gross profit of $190,000. Inventory, purchases, and carriage inwards contributed to cost of goods sold, while return inwards, closing inventory, and return outwards were deducted from it.

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    © All Rights Reserved
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    Patrick’s business as at 31-5-2020

    Revenue 200,000
    -Return inwards 10,000
    +Inventory 6,000
    +Purchases 90,000
    + Carriage inwards 1,000
    -Closing inventory 7,000
    Return outwards 5,000

    Cost of goods sold 90,000


    Gross profit 190,000

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