Calculating cost of goods sold

I have following statement as part of my question:

(b) On 1st June an initial stock of goods will be purchased for £96,000 payable in July. All goods sold from 1st June will be replaced immediately. Purchases will be on two months credit.

(c) Gross profit will be 331/3% on the cost of goods.

I know that Cost of Goods sold is
Beginning stock + Purchases - ending stock

beginning stock is £96000 but I am not sure how to calculate the other two items

Similarly what will be the answer of part b


Asked Dec 31, 2013

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