Your local newsagent makes sales of 52,000 and purchases of 31,000 over the last accounting year. The

Question:

Your local newsagent makes sales of £52,000 and purchases of £31,000 over the last accounting year. The owner took goods costing £455 without paying for them. Closing stock was valued at its cost of £1,200 and the gross profit margin achieved is 40 percent on sales.

What is the cost of the opening stock?

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