Gross profit for 20X7 can be calculated from:
A.
Purchases for 20X7, plus inventory at 31 December 20X7, less inventory at 1 January 20X7
B.
Purchases for 20X7, less inventory at 31 December 20X7, plus inventory at 1 January 20X7
C.
Cost of goods sold during 20X7, plus sales during 20X7
D.
Profit for the year for 20X7, plus expenses for 20X7