A business provides the following information.

$, revenue 140000, opening inventory 22000, closing inventory 24 500, purchases 120000

Goods are sold at cost plus 25%.
The owner has taken goods for own use but has not recorded these as drawings.
What is the value of the goods taken for own use?

Question

A business provides the following information.

$, revenue 140000, opening inventory 22000, closing inventory 24 500, purchases 120000

Goods are sold at cost plus 25%.
The owner has taken goods for own use but has not recorded these as drawings.
What is the value of the goods taken for own use?

Oracle Prep · Accepted Answer

The correct answer is A: $5500

A business provides the following information. $, revenue 140000, opening inventory 22000, closing inventory 24 500, purchases 120000 Goods are sold at cost plus 25%. The owner has taken goods for own use but has not recorded these as drawings. What is the value of the goods taken for own use?

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