During the Year Ended 31 December, the Business Made Sales

Multiple Choice

During the year ended 31 December, the business made sales of £35,000 and purchases of £20,000. Inventory at the beginning of the year was valued at £6,000 and, at 31 December, inventory was valued at £3,500. The gross profit for the year was:

A) £17,500.
B) £24,500.
C) £12,500.
D) £5,500.