The Following Information Is Available from the Trial Balance of Valentines

Multiple Choice

The following information is available from the trial balance of Valentines company as at 31 Dec Year 3:
$$\begin{array} { l c c } & \text { Debit } & \text { Credit } \\& £ & £ \\\text { Sales revenue } & & 110,000\\\text { Inventory at 31st Dec Year 1 } & 7,000 \\\text { Purchases } & 18,750 &\end{array}$$
Closing inventory as at 31st Dec year 3 is £5,250.Calculate the gross profit.

A) £141,000
B) £79,000
C) £89,500
D) £130,500