O-LevelAccountingAccounting principles and policies7707/12 · May/June 2017 · Q181 Mark
Alex purchased goods for resale costing $1000 to which she would normally apply a 25% mark-up. These goods remained unsold at the financial year end as they were found to be damaged. Alex estimated that they could be sold for $600. At which value should these goods be recorded in the year end financial statements?
A$400
B$600
C$750
D$1250
✓ Correct answer
B: $600
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