david nix

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meibaker
meibaker Registered Posts: 481 Dedicated contributor 🦉
in AAT Level 3 (Level 6 in Scotland)
having problems once again with my closing stock, 61,361, is it right?

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  • Sally
    Sally Registered Posts: 69 Regular contributor ⭐
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    If its the Pract Exam in the Osborne Book - the closing stock figure was 6120.
  • meibaker
    meibaker Registered Posts: 481 Dedicated contributor 🦉
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    got it complete wrong, what's the gross profit figure? 93,800x33%=30954 ? if so, the close stock is 5874, where did i go wrong?
  • Richard
    Richard Registered Posts: 373 Dedicated contributor 🦉
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    meibaker wrote: »
    got it complete wrong, what's the gross profit figure? 93,800x33%=30954 ? if so, the close stock is 5874, where did i go wrong?

    Your sales figure should be £93,900, of which the gross profit is one third. You need to be careful when calculating this as 33% isn't an exact third. Instead, divide £93,900 by 3 this will give a gross profit of 31,300.
  • meibaker
    meibaker Registered Posts: 481 Dedicated contributor 🦉
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    Richard wrote: »
    Your sales figure should be £93,900, of which the gross profit is one third. You need to be careful when calculating this as 33% isn't an exact third. Instead, divide £93,900 by 3 this will give a gross profit of 31,300.

    oh no, that's prob why my figure is wrong then? thanks richard

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