A fire on 31 July destroyed some a company's inventory records. The following information is...
FINANCIAL
POST UTME OAU
A fire on 31 July destroyed some a company's inventory records. The following information is available Inventory 1 July: ?318,000 Sales for July: ?612,000 Purchase for July: ?412,000 Inventory in good condition at July, 2014: ?214,000 Standard gross profit percentage is sales is 25%. 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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