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Hi John
I need your help with 20.6
I worked this out and I got the answer 61,050. The answer is different so could you please tell me how this is worked out ?
Arahn
If there been no inventory lost, then the cost of sales should have been 100/150 x 281,250 = $187,500.
So the inventory should have been 432,800 – 187,500 = $245,300.
The actual inventory was only $204,600, and so the inventory lost must have been 245,300 – 204,600 = $40,700.
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