1. Ravi has not kept accurate accounting records during the financial year. He had opening inventory of $8,000 and purchased goods costing $96,000 during the year. At the year end he had $7,500 left in inventory. All sales are made at a mark up on cost of 25%.

2. Nitya has not kept accurate accounting records during the financial year. She had opening inventory of $9,500 and purchased goods costing $110,000 during the year. At the year end she had $8,600 left in inventory. All sales are made at a mark up on cost of 30%.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below 1 To calculate the cost of goods sold C... View the full answer