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	12,345
Sales	93,600
Purchases	552,307
Inventory in good condition	55,272
Standard gross profit percentage on sales is	15

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 = 93,600 X (1- ((15/100))

Cost of sale =79,560

	$
Opening inventory	12,345
Plus Purchases	552,307
Minus Cost of Sale	( 79,560)
=closing balance	485,092
Minua Inventory in good condition	(55,272)
Value of Inventory lost	429,820