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Nickynoo
Registered Posts: 34 Epic contributor 🐘
Ok so given a test paper I want to know what and how anyone manges to get the answer??
Sales were 95,200 in the year, all at a mark-up of 60%. The Openeing Stock was 22,560 and the closing stock was 18,420.
I have to Calculate the purchases for the year with the above information?? I have the answer but am unable to reach the same conclusion?
Thank you
Sales were 95,200 in the year, all at a mark-up of 60%. The Openeing Stock was 22,560 and the closing stock was 18,420.
I have to Calculate the purchases for the year with the above information?? I have the answer but am unable to reach the same conclusion?
Thank you
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-
I believe this is correct:
Sales are 95200 with a mark-up of 60%.
95200 is equal to 160%
Take the Sales figure of 95200/160 x 100 = 59500
So Purchases are 59500.
Plus Opening Inventory of 22560.
= 82060
Less Closing Inventory of 18420.
= 63640
So Purchases for the year = 63640
Does this fit with the answer you have?0 -
Cost of Sales 95200/160 x 100) = 59500 + closing inventory 18420 - opening inventory 22560 = Purchases 55360
and to do a double check... opening inventory (22560) + purchases (55360) - closing inventory (18420) = cost of sales (59500)0
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