A-LevelAccountingPreparation of financial statements9706/12 · May/June 2022 · Q201 Mark

The following information is available for a business. sales revenue $500 000 purchases $365 000 gross margin 25% mark-up 33% inventory at start of the period $20 000 What was the value of closing inventory?

A$10000

B$20000

C$30000

D$50000

✓ Correct answer

A: $10000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2022 Paper 1 Variant 2, question 20.

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