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	24,690
Sales	117,000
Purchases	236,703
Inventory in good condition	71,064
Standard gross profit percentage on sales is	20

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 = 117,000 X (1- ((20/100))

Cost of sale =93,600

	$
Opening inventory	24,690
Plus Purchases	236,703
Minus Cost of Sale	( 93,600)
=closing balance	167,793
Minua Inventory in good condition	(71,064)
Value of Inventory lost	96,729