A retail trader fixes his sale price by adding 25% to the cost of every item purchased.

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A retail trader fixes his sale price by adding 25% to the cost of every item purchased. He provides you with the information relating to 2010 as stated on the right.

(a) His closing inventory should be?

(b) If his closing inventory was only £250,000 the cost of goods lost is?

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 27, 2023 11:12 AM

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A retail trader fixes his sale price by adding 25% to the cost of every item purchased.

Question:

Opening inventory Purchases Sales X £305,950 £55,950 y £388,075 £138,075 £284,400 £842,800 £985,500 Z £338,800 £88,800

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Financial Accounting An Introduction

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