ACCA F3 Incomplete 2

A fire on 30 September 2014 destroyed some of the company's inventory and its inventory records. The following information is available:

	$
Opening inventory	37,035
Sales	210,600
Purchases	236,703
Inventory in good condition	71,064
Standard gross profit percentage on sales is	30

Based on this information, what is the value of the inventory lost?

SUGGESTED SOLUTIONS

Cost of sales = Sales X (1- ((gross profit )/100))

Cost of sale = 210,600 X (1- ((30/100))

Cost of sale =147,420

	$
Opening inventory	37,035
Plus Purchases	236,703
Minus Cost of Sale	( 147,420)
=closing balance	126,318
Minua Inventory in good condition	(71,064)
Value of Inventory lost	55,254