ocr: Reminder: Calculating. Gross Profit We. have already defined gross profit as measuring the profit that a business earns trom carrying out Cost tof its core or principal activity. In compiling the Goods Trading and Profit and Loss account for retailers this was calculated as follows: ise equal to Opening € Stock To: give us the cost Sales XXX plus of goods less: Cost of Goods Sold XXX available Gross Profit E XXX We: need to Purchases for: sale deduct closing stock to minus calculate the with cost of the goods cost of sold purchases being by measured any simply movements by cost actually of goo ...
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