A-LevelAccountingInventory Valuation and Income StatementOct/Nov 2010Paper 1 Q101 Mark
At the end of a financial year the following information is available. [Table showing sales $200 000, opening inventory (stock) $15 000, closing inventory (stock) $18 000] If the business makes a standard mark-up of 25%, what were the purchases?
A$147 000
B$153 000
C$157 000
D$163 000
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of inventory valuation and income statement within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
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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