Firstly, convert margin to mark-up i.e,
33 \(\frac{1}{3}\)%
= \(\frac{100}{300}={1}{3-1}={1}{2}\) or 50%
Secondly, Cost of goods sold = Opening stock + Purchases - Closing Stock
C.p = 7,000 + 60,000 - 12,000
C.p = ₦55,000
Thirdly, Profit = 50% × 55,000 = ₦27,500
Therefore,
Sales = Cp + P
⇒ 55,000 + 27,500 = ₦82,500