how to do this questions?

This topic has 3 replies, 4 voices, and was last updated 15 years ago by ro1sin.

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August 25, 2010 at 4:46 am #45048
choonfah87
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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?
August 26, 2010 at 10:27 am #67086
bridmw
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318,000 Opening Inventory
(489,600) Cost of goods sold (80% of Sales for the month)
412,000 Purchases

240,400 Closing Inventory before loss
(214,000) Actual Closing Inventory
26,400 Inventory lost
September 21, 2010 at 10:20 am #67088
Anonymous
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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
October 15, 2010 at 2:22 pm #67089
ro1sin
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Agree with Bokatov:

$ $
Opening Inventory: 318000
+Purchased goods: 412000
Less:
Sales: 612000
-Gross Profit: (153000)
(459000)
271000

=> If Total Inventory in Good condition is 214000, inventory lost =
271000
Less: (214000)

Total Inventory Lost = 57000
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