The information below relates to a business. Sales revenue $500\,000$ Purchases $365\,000$ Gross margin $25\%$ Mark-up $33\tfrac{1}{3}\%$ Opening inventory $20\,000$ What was the value of closing inventory?
- A$10\,000
- B$20\,000
- C$30\,000
- D$50\,000
Accounting 9706 · AS & A Level · Preparation of financial statements