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On April 15 of the current year, a fire destroyed half of the uninsured ending inventory of a retail store. The following data are available: Sales, January 1 through April 15 $480,000 Inventory, January 1 80,000 Purchases, January 1 through April 15 400,000 Markup on cost 25% The amount of the ending inventory before the fire is

Respuesta :

Tundexi

Answer:

$96,000

Explanation:

Particulars                                    Amount

Opening inventory on 1st Jan    $80,000

ADD: Purchases made               $400,000

LESS: Cost of good sold            $384,000

Closing inventory                       $96,000

Workings

Sales                                            480,000

Less: Mark up 480000*25/125  96,000

Cost of goods sold                    $384,000

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