Mini note ACCA

[phongan]

1.A butcher sells $ 300.000 ò meat at a consistent mark up of 25%. His inventory at the start of the year was$15.000 .This had increased by 20% by the end of the year .

" calculate the purchases for the year "

2. His rival dơn the road achieves a gross margin of 15% . His closing inventory was 30% higher than the opening inventory .Sales in the year were $450.000 and purchases were $400.000

" What was the opening inventory "

3. The local supermarket sold $500.000 worth of goods in January at a consistent mark up of 12 1/2 %. Opening inventory was $20.000 and purchases in the month were $440.000 .

How much was closing inventory ?

 

[thudangkt]

Ðề: Mini note ACCA

1.
sale: 300,000
mark up: 25%
cost (300,000/(1+25%)) : 240,000 (1)
inventory at the beginning: 15,000 (2)
inventory at the end (120%*15,000) : 18,000 (3)
purchase in the year ( 3 + 1 - 2) : 243,000
2.
Sale : 450,000
gross margin: 15%
cost of sale (85%*450,000) : 382,500
purchase : 400,000
opening inventory (400,000 - 382,500)/30%:58,333
3.
sales: 500,000
markup :12,5%
cost (500,000/(1+12,5%)): 444,444
opening inv. : 20,000
purchase : 440,000
closing inv. (20,000+440,000-444,444): 15,556