Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 6)
Referencing the provided information, what is the formula for calculating purchases?
Purchases = Cost of Sales + Closing Inventory - Opening Inventory
Purchases = Cost of Sales - Closing Inventory + Opening Inventory
Purchases = Cost of Sales + Closing Inventory + Opening Inventory
Purchases = Cost of Sales - Closing Inventory - Opening Inventory
Explanation
The formula provided is Purchases = Cost of Sales + Closing Inventory - Opening Inventory
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