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cos opening inventory mini exercises

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › cos opening inventory mini exercises

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • February 9, 2017 at 8:11 pm #371801
    Nicola
    Member
    • Topics: 16
    • Replies: 6
    • ☆

    Hi I have been trying to work out the cost of sales in the mini exercises question 1 & 2
    rival achieves gross margin of 15 % closing inventory 30% higher than open inventory
    How do I work these out struggling with them.
    can you tell me the formula etc, I think its something to do with working out the gross margin in sales. but not sure how to do it.
    Thanks

    February 9, 2017 at 8:34 pm #371803
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23311
    • ☆☆☆☆☆

    I assume that you know the difference between mark-up and margin (aka gross profit)

    To solve these mini-exercises you need to go back to the algebra lessons that you may have missed at school!

    Try this … let opening inventory be X so therefore closing inventory is 1.3X

    And cost of sales, as you (should) know, is calculated as opening inventory + purchases – closing inventory

    Can you take it from there?

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