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Bob is a sole trader. He has calculated a cost of sales figure for the year, which is $342,000.
Bob received a payment of $8,030 into the business bank account for goods sold on a special deal to Harry and this amount has been included within sales. The figure of $8,030 was calculated by adding a mark-up of 10% to the cost of the goods. His gross profit percentage on all other goods sold was 20% of sales.
What is the total figure of sales for the year?Please do not simply type out a full question and expect to be provided with a full answer. You must have an answer in the same book in which you found the question, so ask about whatever it is in the answer that you are not clear about and then I will explain.
(If you do not have an answer, then tell me what you think that answer is and I will tell you if you are right or correct you if wrong).How to deal with this question is explained (with examples) in our free lectures on mark-ups and margins. Have you watched the lectures? 🙂
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