A-LevelAccountingPreparation of financial statements9706/12 · May/June 2018 · Q111 Mark
At the beginning of the financial year inventory was valued at $15000. During the year, sales of $21000 and purchases of $18000 were made. Unfortunately, all inventory was stolen on the last day of the financial year. Goods are marked up by 50% to calculate selling price. What is the cost of the stolen inventory?
A$7500
B$11000
C$19000
D$22500
✓ Correct answer
C: $19000
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.
Sign up free →