On 1 September 2010, a business had inventories of $380 000. During the month, sales totalled $650

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On 1 September 2010, a business had inventories of $380 000.

During the month, sales totalled $650 000 and purchases $480 000.

On 30 September 2010 a fire destroyed some of the inventories. The undamaged goods in inventories were valued at $220 000.

The cost of goods sold for September was $500 000.

Based on this information, what is the cost of the inventories destroyed in the fire?

a. $185 000

b. $140 000

c. $405 000

d. $360 000 ACCA adaptedLO1.

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Financial Accounting A Global Perspective

ISBN: 9780470518403

1st Edition

Authors: Rod Monger

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Question Posted: Jun 16, 2024 04:20 AM

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On 1 September 2010, a business had inventories of $380 000. During the month, sales totalled $650

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Financial Accounting A Global Perspective

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