Cannot understand, please help!
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oibkkfst
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The gross profit is £16,250
Mark-up 25% on cost
Opening inventory £5,550
Purchases £74,350
Calculate the closing inventory.
"Remember to break the gross profit down to 1%; if the cost of sales is based on 100%, then the value of sales has to be 125%. Have another go."
162.5 x 100 is not the answer, so how to I calculate this? 14900 is the answer, but I cannot figure it out
Mark-up 25% on cost
Opening inventory £5,550
Purchases £74,350
Calculate the closing inventory.
"Remember to break the gross profit down to 1%; if the cost of sales is based on 100%, then the value of sales has to be 125%. Have another go."
162.5 x 100 is not the answer, so how to I calculate this? 14900 is the answer, but I cannot figure it out
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