Apply mathematical skills around cost structures and appropriate equations to answer the following, inclusive of all associated workings to maximise marks: Opening Inventory + Purchases – Closing Inventory = Cost of Sales (CoS).Gbholan Co made sales of $1,930,200 during the year ended 31st March X4. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 25%.What was the cost of purchases during the year, to the nearest $100?
Apply mathematical skills around cost structures and appropriate equations to answer the following, inclusive of all associated workings to maximise marks: Opening Inventory + Purchases – Closing Inventory = Cost of Sales (CoS).Gbholan Co made sales of $1,930,200 during the year ended 31st March X4. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 25%.What was the cost of purchases during the year, to the nearest $100?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 33BE
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Apply mathematical skills around cost structures and appropriate equations to answer the following, inclusive of all associated workings to maximise marks: Opening Inventory + Purchases – Closing Inventory = Cost of Sales (CoS).Gbholan Co made sales of $1,930,200 during the year ended 31st March X4. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 25%.What was the cost of purchases during the year, to the nearest $100?
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