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Incomplete record

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Incomplete record

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • June 27, 2022 at 5:45 pm #659447
    jermy01
    Participant
    • Topics: 51
    • Replies: 31
    • ☆☆

    Pioneer’s annual inventory count took place on 6 January 20X6. The value of inventory on
    this date was $32,780. During the period from 31 December 20X5 to 6 January 20X6, the
    following events occurred:

    Sales $8,600
    Purchases $4,200

    The value of inventory at 31 December 20X5 was $34,600.
    What is the gross margin of Pioneer?
    A 70%
    B 72%
    C 30%
    D 43%

    How to calculate cost of sales here? i did like
    opening =32780
    purchase =4200
    closing =(34600)
    ————————–
    cost of sales =2380 but its wrong . can you show me how to calculate cost of sales here ?

    June 28, 2022 at 7:48 am #659463
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    The inventory at 31 December 20X5 was $34,600. However they didn’t count it until 6 days laters and during that period the inventory will have changed because they bought some and sold some.

    The bought 4,200 and this would therefore have increased the inventory to 34,600 + 4,200 = 38,800.

    However the inventory on 6 January was only 32,780, and so they had sold some with a cost of 38,800 – 32,780 = $6,020.

    This must be the cost of the goods sold during the 6 days. The sales value of these goods was $8,600 and so the profit on them was 8,600 – 6,020 = $2,580 and the gross margin was therefore 2,580/8,600 = 30%

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