really daft percentage question ACPR
FrancesM
Registered Posts: 14
There is a question on the aat sample assessment:
No entries have been made for closing inventory as at March 31 20x7. It has been valued at sales price of £19420 the sales price is set at 25% higher than the cost of the goods. Ignore vat
Why does my brain work it out that the answer of the inventory is 14565 (25% of 19420)?
The answer in the assessment is 15536
I think I have been looking at it too long
Please help
No entries have been made for closing inventory as at March 31 20x7. It has been valued at sales price of £19420 the sales price is set at 25% higher than the cost of the goods. Ignore vat
Why does my brain work it out that the answer of the inventory is 14565 (25% of 19420)?
The answer in the assessment is 15536
I think I have been looking at it too long
Please help
0
Comments
-
Sales price is 25% higher than purchase price, ie. 125% x price.
19,420 / 125 / 100 = 15,5360 -
Seems a bit mean as I'd only have known this answer doing FSTP markups and margins, after the ACPR module0
-
Oh, of course. It says 25% higher! I feel a bit silly now. Thank you.0
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