Question
The Sandy Bay is a trader in sand. On December 31, 2010 the closing inventory was completely destroyed by flood rains. The following information is
The Sandy Bay is a trader in sand. On December 31, 2010 the closing inventory was
completely destroyed by flood rains. The following information is available:
Inventory at December 1, 2010 at cost $31,400
Purchases for December 2010 $55,600
Sales for December 2010 $88,800
Standard mark-up is 25%
Based on this information, what was the value of the closing inventory?
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Essentials Of Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Al Arens
1st Edition
0130463035, 9780130463036
