Accounting for IGCSE & O level - Final Statements (Section 11 - No. 14)
Which items from the trial balance are needed to calculate the gross profit?
Sales revenue
Purchases
Opening inventory
Closing inventory
स्पष्टीकरण
Gross profit is calculated by first calculating COGS. Therefore, you need the opening inventory, purchases, and closing inventory, and then sales revenue to calculate the gross profit.