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Sam
Sam, Accountant
Category: Tax
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Please could you calculate the Gross (Loss) Profit and

Customer Question

please could you calculate the Gross (Loss) Profit and supply the totals for the columns based upon
sales £13,270
opening stock £28,620
Cost of sales including opening stock £103,506
so I need to confirm closing stock value and bot***** *****ne Gross ( loss) Profit... I think I'm going number blind I want to sure it's correct. Thank you
Submitted: 11 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 11 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 11 months ago.

Thank you for your question..

You need to relate purchases for sales..

Please advise what is your gross margin/mark up on average?

Many thanks.

Customer: replied 11 months ago.
I'm afraid I don't know for sure I believe it's 20% depreciation. I am picking up on this as someone has gone off sick. The previous years figures were sales £45,482 opening stock £25,420 Cost of sales including opening stock £104,490 which gave them (28,620) in that column and overall a (30,388) bot***** *****ne - does that help! Thank you.....
Expert:  taxadvisor.uk replied 11 months ago.

Thank you for your reply

Based on information provided by you, it appears your gross margin is 66.8%

If one were to apply the same percentage then the gross profit will be c. £8,864 and cost of sales £4,406.

You have stated your cost of sales including opening stock is £103,506 and for last year it was £104,490.

These are too high numbers for modest sales figures you have shown.

Please check your numbers and come back .

Many thanks

Customer: replied 11 months ago.
No I believe you have mis understood me. but thank you anyway. Let's leave it there
Expert:  taxadvisor.uk replied 11 months ago.

Thank you for your reply.

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