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Mini Exercise Questions – Cost of sales Q2

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Mini Exercise Questions – Cost of sales Q2

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
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    Posts
  • October 22, 2015 at 1:14 pm #278398
    Jonathan
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    I’m having trouble calculating the opening & closing stock on Mini Exercise Questions – Cost of sales Q2

    Sales of $450k with gross margin of 15%
    Gross profit (450 x 15%) $67.5
    Cost of sales $382.5

    Purchases $400k
    Closing stock 30% higher than opening stock?

    I’m having trouble working out the opening & closing stock?
    From the book the answers are:
    opening stock =$58.33
    Closing stock = $75.83

    Thanks
    Jonathan

    October 22, 2015 at 2:28 pm #278407
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22699
    • ☆☆☆☆☆

    Let “X” be the value of the opening inventory

    Go from there

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