During the current year a fire destroyed Home Mart's premises. Purchases were $600,000 and sales were $700,000 up to the date of the fire. In the three previous years, their cost of sales averaged 60% of sales. The company claimed a loss of $380,000 from its insurance company. What was the amount of the company's opening inventory?

Answer rating: 100% (QA)

Based on the information provided the opening inventory of Home Mart amo... View the full answer