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a fire on 30 september destoryed some of a company’s inventory and its inventory records.
The following information is available:
inventory 1 september $318000
sales for september $612000
purchase for september $412000
inventory in good condition at 30 september 214,000
standard gross profit percentage on sales is 25%
based on this information gross profit percentage on sales is 25%
based on this information what is the value of the inventory lost?318,000 Opening Inventory
(489,600) Cost of goods sold (80% of Sales for the month)
412,000 Purchases240,400 Closing Inventory before loss
(214,000) Actual Closing Inventory
26,400 Inventory lost
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I don’t agree
If gross profit percentage on sales (not on cost of sales) is 25% then Cost of goods sold – 75%
=> 318-459(612*0.75)+412-214=57
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