ACCA F3 Incomplete 2
A fire on 30 September 2014 destroyed some of the company's inventory and its inventory records. The following information is available:
$ | |
Opening inventory | 37,035 |
Sales | 210,600 |
Purchases | 157,802 |
Inventory in good condition | 63,168 |
Standard gross profit percentage on sales is | 30 |
Based on this information, what is the value of the inventory lost?
SUGGESTED SOLUTIONS
Cost of sales = Sales X (1- ((gross profit )/100))
Cost of sale = 210,600 X (1- ((30/100))
Cost of sale =147,420
$ | |
Opening inventory | 37,035 |
Plus Purchases | 157,802 |
Minus Cost of Sale | ( 147,420) |
=closing balance | 47,417 |
Minua Inventory in good condition | (63,168) |
Value of Inventory lost | -15,751 |