Ah, the old closing inventory conundrum. Let me think this through... Decrease in inventory, increase in cost of sales, decrease in gross profit. Yep, gotta be D. Now, if only I could find a way to decrease my grocery bill like that!
Aha! I remember this from my last accounting class. Decrease in closing inventory equals increase in cost of sales, which means a decrease in gross profit. Easy peasy, option D it is.
So, the correct option is D - An increase in cost of sales, a decrease in gross profit and a decrease in the inventory figure in the statement of financial position.
Okay, I've got this. If the closing inventory goes down, that means the cost of sales goes up, and the gross profit goes down. That's just basic accounting, right? I'll go with option D.
Hmm, let's see. If the closing inventory figure decreases, that means the cost of goods sold will increase, right? So, I think the answer is D. Hey, maybe I should keep an inventory of my socks to avoid this problem!
Cora
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