Sylu had sales of £150,000, which made a gross profit of £65,750. Purchases amounted to £175,000 and opening inventory was £5,000. The value of closing inventory was?   Choose one from the following:   A. 320,000.00   B. 35,750.00   C. 95,750.00   D. 240,750.00

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A: Hi student Since there are multiple questions, we will answer only first question.

Q: the cost of goods sold is

A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.