A-LevelAccountingInventory ValuationOct/Nov 2019Paper 1 Q131 Mark
A warehouse was damaged by fire on 31 March and some of the inventory was destroyed. The following information is available. $ inventory at cost on 1 January 6000 inventory at cost on 31 March after fire 3200 sales during the period 14 700 purchases during the period 9500 The business uses a mark-up of 33.33%. What was the value of the inventory destroyed?
A$1275
B$1800
C$2000
D$2500
✓ Correct Answer
The correct answer is A. This question tests the candidate's understanding of inventory valuation within the Accountingsyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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