The Granite Stone is a trader in a fancy kitchen counter. The firm operates with a mark
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Question:
The Granite Stone is a trader in a fancy kitchen counter. The firm operates with a mark up of 66.67%. During the month of June 2017, opening stock was $80,000; purchases was $310,000 and sales was 500,000. At the end of June, a portion of the closing stock was damaged and could not be sold. The amount recovered was $40,000.
Required
a. What was the value of the closing stock?
b. What portion of stock was damaged?
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