- 3 During September An Organisation Had Sales Of 148 000 Which Showed A Gross Profit Of 40 000 Purchases Were 100 0 1 (55.01 KiB) Viewed 35 times
3. During September an organisation had sales of £148,000, which showed a gross profit of £40,000. Purchases were £100,000 and opening inventory was £34,000. The value of closing inventory was: A. £24,000 B. £26,000 C. £42,000 D. £54,000 4. The most appropriate definition of depreciation is: A. A means of determining the decrease in the market value of an asset over time B. A means of allocating the cost of an asset over a number of accounting periods C. A means of setting funds aside for the replacement of the asset D. A means of estimating the current value of the asset