Question: On 31 December 20X0 the inventory of V was completely destroyed by fire. The following information is available: Inventory at 1 December 20X0 at

On 31 December 20X0 the inventory of V was completely destroyed by

On 31 December 20X0 the inventory of V was completely destroyed by fire. The following information is available: Inventory at 1 December 20X0 at cost GHS28,400. Purchases for December 20X0 GHS49,600. Sales for December 20X0 GHS64,800. Standard gross profit percentage on sales revenue 30%. Based upon this information, what was the cost of the inventory destroyed?

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