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Question

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Question

  • This topic has 2 replies, 3 voices, and was last updated 13 years ago by Anonymous.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • November 15, 2011 at 12:43 pm #50506
    ramonacraciun
    Member
    • Topics: 5
    • Replies: 10
    • ☆

    Silver Co made sales of 193,200 during the year ended 31 August. Inventory decreased by 13,200 over the year and all sales were made at a mark up of 42%.
    What was the cost of purchases during the year , to the nearest 1,000.
    A-149,000
    B-136,000
    C-123,000
    D-109,000

    Can somebody pls help me with this question. Thanks.

    November 16, 2011 at 6:25 am #89839
    Vipin
    Member
    • Topics: 151
    • Replies: 374
    • ☆☆☆☆

    mark up=42%
    cost of sale=193200/1.42=136056

    opening inv +purchase cost=closing inv+sales cost
    purchase cost=closing inv -opening inv+sales cost
    =-13200+136056=122,856

    now approx to nearest 1000,
    122856 would come to 123,000. ans

    December 2, 2011 at 1:58 am #89840
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 1
    • ☆

    hi, i view your answer 123,000 why not 149,000?
    mine 13,200 + 136,056 = 149,256

    tks

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