Gross Profit Calculation Quiz

Calculate the gross profit or gross loss of each of the following businesses: Cost of goods purchased: £9,820, Sales: £10,676

• Gross profit: £856

• Gross loss: £856

• Gross profit: £1,000

• Gross loss: £1,000

Calculate the gross profit or gross loss of each of the following businesses: Cost of goods purchased: £7,530, Sales: £14,307

• Gross profit: £6,777

• Gross profit: £5,000

• Gross profit: £7,000

• Gross profit: £6,000

Calculate the gross profit or gross loss of each of the following businesses: Cost of goods purchased: £10,500, Sales: £19,370

• Gross profit: £8,870

• Gross profit: £9,000

• Gross loss: £1,000

• Gross profit: £7,500

Calculate the gross profit or gross loss of each of the following businesses: Cost of goods purchased: £9,580, Sales: £9,350

• Gross loss: £230

• Gross profit: £230

• Gross profit: £9,350

• Gross loss: £9,580

Calculate the gross profit or gross loss of each of the following businesses: Cost of goods purchased: £8,760, Sales: £17,200

• Gross profit: £8,440

• Gross profit: £7,000

• Gross profit: £9,000

• Gross profit: £8,000

At 1 June Mary has 30 cookers in inventory. During June she sells 76 cookers. She purchases more cookers in June: 35 are delivered on 10 June and 40 are delivered on 24 June. What is the closing inventory of cookers at the end of June?

• 29 cookers

• 30 cookers

• 35 cookers

• 40 cookers

At 1 July, John has 50 refrigerators in inventory. During July, he sells 85 refrigerators. He purchases more refrigerators in July: 40 are delivered on 15 July and 30 are delivered on 28 July. What is the closing inventory of refrigerators at the end of July?

• 35 refrigerators

• 40 refrigerators

• 45 refrigerators

• 50 refrigerators

Calculate the gross profit or gross loss of each of the following businesses: Cost of goods purchased: £12,300, Sales: £20,500

• Gross profit: £8,200

• Gross profit: £7,500

• Gross profit: £8,000

• Gross profit: £7,000

Calculate the gross profit or gross loss of each of the following businesses: Cost of goods purchased: £15,000, Sales: £14,500

• Gross loss: £500

• Gross profit: £500

• Gross loss: £1,000

• Gross profit: £1,000