- This topic has 1 reply, 2 voices, and was last updated 7 years ago by .
- You must be logged in to reply to this topic.
Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
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
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
Let “X” be the value of the opening inventory
Go from there