The owner of a business reports that some inventory has been stolen. The business does not have
Question:
The owner of a business reports that some inventory has been stolen. The business does not have complete financial records. However, the following information is available.
The inventory at 31 March was valued at $45 000. The business's policy is to obtain a gross profit margin of 25 per cent on all sales. What was the value of the stolen inventory?
A. $2000
B. $5000
C. $7000
D. $9000
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Step by Step Answer:
We can use the gross profit margin to determine the cost of goods sold ...View the full answer
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