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during 2007 a company had gp of 90000 on sales of 250000.during 2008 its sales were increased by 25% and gp percentage decreased by 6%,and its purchases were 198750 witch were 20% more than the previous year.its inventory on 31 dec 2008 was 80000.
what was its inventory on 31 dec 2007?
a. 90000
b. 98000
c. 110000i got no answer from the above given answers.
my answer was 88000 .is this true or not?
sir plzzz help me……- Topics: 0
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2007 GP% = 90/250 = 36%
2008 GP% = 36 – 6 = 30%
2008 sales = 250,000 x 1.25 = 312,500
2008 GP = 312,500 x 30% = 93,750
2008 CoS = 312,500 x 0.7= 218,750CoS = OS + Purchases – CS
218,750 = OS + 198,750 – 80,000
OS = 218,750 -198,750 + 80,000 = 100,000I don’t get answer a, b or c
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