Accounting 9706 · AS & A Level · Reconciliation and verification

Reconciliation and verification — practice question

In the last month, a business had some stock stolen. The table gives the trading figures for that month. Opening inventory, at cost: $50\,000$ Purchases: $220\,000$ Sales: $300\,000$ Closing inventory, at cost: $16\,000$ The mark-up was $25\%$. What was the cost price of the stolen inventory?

  • A$13\,000$
  • B$14\,000$
  • C$29\,000$
  • D$34\,000$

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