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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Mini Exercise Questions – Cost of sales Q2
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
Let “X” be the value of the opening inventory
Go from there