# FSTP SAMPLE ASSESSMENT 1 TASK 2C HELP

chanshay
Posts:

**2**Registered
I know I should know the answer but for the life of me I just can not work it out..mind has gone blank.

It asks to work out the closing inventory value....I know the actual answer is £4720 but I can not work out how to get to that figure!!!

I have worked out the rest

Task 2a

Assest = £19650

Liabilites = £5560

Capital = £14090

Task 2b

During the year ended 31 March 20x7, sales of £63,900 were made. The trader operates a gross sales margin of 25%

Calculate the cost of goods sold for the year ended 31 March 20x7

=£47925

Task 2c

Purchases for the year were £46,795

Calculate the value of closing inventory

It asks to work out the closing inventory value....I know the actual answer is £4720 but I can not work out how to get to that figure!!!

I have worked out the rest

Task 2a

Assest = £19650

Liabilites = £5560

Capital = £14090

Task 2b

During the year ended 31 March 20x7, sales of £63,900 were made. The trader operates a gross sales margin of 25%

Calculate the cost of goods sold for the year ended 31 March 20x7

=£47925

Task 2c

Purchases for the year were £46,795

Calculate the value of closing inventory

## Comments

645RegisteredTake that, add purchases, deduct cost of goods sold and you should get to the answer (assuming no complicating factors).

14RegisteredOpening inventory 5850 + Purchases 46795- cos 47925=4720

2Registered