O-LevelAccountingPreparation of financial statements7707/12 · May/June 2022 · Q261 Mark

Tahir provided the following information for his first year of trading. $ sales 170000 sales returns 6000 purchases 129000 Tahir's gross margin was 25%. What was the value of closing inventory?

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A$1000

B$2200

C$6000

D$7500

✓ Correct answer

C: $6000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2022 Paper 1 Variant 2, question 26.

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Tahir provided the following information for his first year of trading. $ sales 170000 sales returns 6000 purchases 129000 Tahir's gross margin was 25%. What was the value of closing inventory?

✓ Correct answer

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