1. A business operate based on a mark-up cost of 40%. If the opening and closing inventories were Gh 3,100 and Gh 4,000 respectively,while purchases were Gh 42,100. What was the value for sales?
1. A business operate based on a mark-up cost of 40%. If the opening and closing inventories were Gh 3,100 and Gh 4,000 respectively,while purchases were Gh 42,100. What was the value for sales?
2. The following related to God's blessings enterprises for the year ended 31 December 2019.
Production cost of goods
Production of cost
goods completed sales Gh
Sales 1,080,000
Inventory of finished goods
at a cost. 1,939,500
Inventory of finished goods
at a cost 255,000
Selling and distribution 216,000
expenses.
Administrative expenses. 180,000
Financial charges 48,000
Goods are transferred to the ware house at a cost plus 100/3%.
(a).What is the value of opening inventories.
(b)What is the closing inventories.
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