Catt sells goods at a margin of 50%. During the year to 31 March 20X3 the business made purchases totalling $134,025 and sales totalling $240,000. Inventories in hand at 31 March 20X3, valued at cost, was $11,385 higher than the corresponding figure at 1 April 20X2. What was the cost of the goods Catt had drawn out?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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4 Catt sells goods at a margin of 50%. During the year to 31 March 20X3 the business made purchases
totalling $134,025 and sales totalling $240,000. Inventories in hand at 31 March 20X3, valued at
cost, was $11,385 higher than the corresponding figure at 1 April 20X2.
What was the cost of the goods Catt had drawn out?
Transcribed Image Text:4 Catt sells goods at a margin of 50%. During the year to 31 March 20X3 the business made purchases totalling $134,025 and sales totalling $240,000. Inventories in hand at 31 March 20X3, valued at cost, was $11,385 higher than the corresponding figure at 1 April 20X2. What was the cost of the goods Catt had drawn out?
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