ACCA FA2 CLOSING INVENTORY

Ruth started trading a year ago. She selles her products at a mark up of 30%. In the first year of trading, she bought goods for $70,000. Her sales in the year were $52,000.

What is the value of Ruth's closing inventory?

SUGGESTED SOLUTIONS

$
Sales 52,000
Divided by 1.3
Cost of sales 40,000
Purchase 70,000
Closing Inventory 30,000

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