A fire on 31 July destroyed some a company's inventory records. <br>The following information is...
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A fire on 31 July destroyed some a company's inventory records. <br>The following information is available<br> Inventory 1 July: ?318,000<br> Sales for July: ?612,000<br> Purchase for July: ?412,000<br> Inventory in good condition at July, 2014: ?214,000<br> Standard gross profit percentage is sales is 25%.<br> Based on this information, what is the value of the inventory lost?
- A) ?96,000
- B) ?271,000
- C) ?26,400
- D) ?57,000
Correct Answer: A) ?96,000
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